(a) Under the commissioner's supervision, the liquidating agent shall:
(1) receive and take possession of the books, records, assets, and property of the association;
(2) sell, enforce collection of, and liquidate the assets and property of the association;
(3) sue in the name of the liquidating agent or the association;
(4) defend an action brought against the liquidating agent or the association;
(5) receive, examine, and pass on a claim brought against the association, including a claim of a depositor;
(6) make distributions to and pay creditors, depositors, shareholders, and members of the association as their interests appear;
(7) from time to time make a ratable liquidation dividend on claims that have been proved to the satisfaction of the association's board of directors or the liquidating agent or that have been adjusted by a court;
(8) after the association's assets have been liquidated, make further liquidation dividends on claims previously proved or adjusted; and
(9) execute documents and perform any other action that the liquidating agent considers necessary or desirable to the liquidation.
(b) For purposes of making a further liquidation dividend under Subsections (a)(7) and (8), the liquidating agent may accept the statement of an amount due a claimant as shown on the association's books and records instead of a formal proof of claim filed on the claimant's behalf.
Official text of the Texas Finance Code as published by the Texas Legislative Council.