Tex. Insurance Code § 885.503
ISSUANCE OF INJUNCTION AND APPOINTMENT OF RECEIVER
Texas · Texas Insurance Code · Status: effective
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- Citation
- Tex. Insurance Code § 885.503, ISSUANCE OF INJUNCTION AND APPOINTMENT OF RECEIVER, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/680176
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Full text
(a) If it appears on the trial of an action brought under Section 885.502(b) that the fraternal benefit society should be closed, the court shall:
(1) enjoin the society from engaging in further business; and
(2) appoint a receiver for the society.
(b) A receiver appointed under Subsection (a)(2) shall:
(1) immediately take possession of the books, papers, money, and other assets of the fraternal benefit society; and
(2) promptly, under the court's direction, proceed to close the society's affairs and distribute its funds to the persons entitled to those funds.
(c) A court in this state may not hear an application for an injunction against or proceedings for the dissolution of or the appointment of a receiver for a domestic fraternal benefit society or lodge unless the attorney general makes the application or brings the proceedings.