Finance Code › Title 3 › Chapter 123 › Subchapter B

Texas Finance Code § 123.111

Right to Act to Mitigate or Avoid Loss

General Powers · Operational Powers

This subtitle does not prohibit a credit union from investing its money, operating a business, managing or dealing in property, or taking any other action at any time that is reasonably necessary to avoid or mitigate a loss on a loan or on an investment made or obligation created in good faith and in the usual course of the credit union's business, as authorized by this subtitle or a rule adopted by the commission.

Official text of the Texas Finance Code as published by the Texas Legislative Council.

Official source
Legislative history

Added by Acts 2003, 78th Leg., ch. 533, Sec. 35, eff. Sept. 1, 2003.