Receivers: Qualifications, Powers, and Duties

Sec. 11.406. RECEIVERS: QUALIFICATIONS, POWERS, AND DUTIES. (a) A receiver appointed under this chapter: (1) must be an individual citizen of the United States or an entity authorized to act as receiver; (2) shall give a bond in the amount required by the court and with any sureties as may be required by the court; (3) may sue and be sued in the receiver's name in any court; (4) has the powers and duties provided by other laws applicable to receivers; and (5) has the powers and duties that are stated in the order appointing the receiver or that the appointing court: (A) considers appropriate to accomplish the objectives for which the receiver was appointed; and (B) may increase or diminish at any time during the proceedings. (b) To be appointed a receiver under this chapter, a foreign entity must be registered to transact business in this state. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.