Sec. 92.307. EFFECT OF CONVERSION ON PENDING LEGAL ACTION. (a) A judicial proceeding to which the financial institution that converted is a party is not abated or discontinued by reason of the conversion and may be prosecuted to final judgment, order, or decree as if the conversion had not occurred.
(b) The savings bank may continue a judicial proceeding in its own corporate name. A judgment, order, or decree that might have been rendered for or against the financial institution that converted may be rendered for or against the savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 92 - Organizational and Financial Requirements
Subchapter G. Conversion of Other Financial Institution to Savings Bank
Section 92.301. Application to Convert
Section 92.302. Election of Directors; Execution and Acknowledgment of Application and Bylaws
Section 92.303. Review by Commissioner; Approval
Section 92.304. Hearing on Denial; Appeal
Section 92.305. Continuation of Corporate Existence
Section 92.306. Property and Obligations of Converted Institution
Section 92.307. Effect of Conversion on Pending Legal Action