7 Tex. Admin. Code § 95.200 - Notice of Taking Possession; Appointment of Liquidating Agent; Subordination of Rights

(a) The department shall give prompt notice to the NCUA or other applicable insuring organization whenever the commissioner through conservatorship takes possession of the property and assets of a respective insured or participating credit union. The Department shall give further prompt notice of the Commissioner's intent to liquidate the property and assets of such insured or participating credit union.

(b) If the commissioner finds the liquidation of the credit union's assets is prudent under the guidelines established by Texas Finance Code § 126.201, the insuring organization may be appointed liquidating agent for the credit union.

(c) When any member's share or deposit account is paid, the NCUA or, alternatively, the insuring organization shall be subrogated to all rights of the member, up to the amount paid by the NCUA or the insuring organization to such member.

Notes

7 Tex. Admin. Code § 95.200

The provisions of this §95.200 adopted to be effective November 11, 1999; amended to be effective March 7, 2007, 32 TexReg 1065; Amended by Texas Register, Volume 45, Number 08, February 21, 2020, TexReg 1218, eff. 3/1/2020