Sec. 41.155. NO SETOFF. The interest of an assignee or pledgee in securitized property and in the revenues and collections arising from that property are not subject to setoff, counterclaim, surcharge, recoupment, or defense by the electric cooperative or any other person or in connection with the bankruptcy of the electric cooperative or any other entity. A financing order shall remain in effect and unabated notwithstanding the bankruptcy of the electric cooperative, its successors, or assignees.
Added by Acts 2021, 87th Leg., R.S., Ch. 950 (S.B. 1580), Sec. 1, eff. June 18, 2021.
Structure Texas Statutes
Title 2 - Public Utility Regulatory Act
Subtitle B - Electric Utilities
Chapter 41 - Electric Cooperatives and Competition
Subchapter D. Market Participation and Securitization
Section 41.153. Financing Orders; Terms
Section 41.154. Property Rights
Section 41.159. Security Interests; Assignment; Commingling; Default
Section 41.160. Pledge of State