CHAPTER 186. DISSOLUTION AND RECEIVERSHIP
FINANCE CODE
TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES
SUBTITLE F. TRUST COMPANIES
CHAPTER 186. DISSOLUTION AND RECEIVERSHIP
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 186.001. DEFINITION. In this chapter, "administrative
expense" means:
(1) an expense designated as an administrative expense by
Subchapter C or D;
(2) court costs and expenses of operation and liquidation of a
state trust company estate;
(3) wages owed to an employee of a state trust company for
services rendered within three months before the date the state
trust company was closed for liquidation and not exceeding:
(A) $2,000 to each employee; or
(B) another amount set by rules adopted under this subtitle;
(4) current wages owed to a state trust company employee whose
services are retained by the receiver for services rendered after
the date the state trust company is closed for liquidation;
(5) an unpaid expense of supervision or conservatorship of the
state trust company before its closing for liquidation; and
(6) any unpaid fees or assessments owed to the department.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.002. REMEDIES EXCLUSIVE. (a) Unless the banking
commissioner so requests, a court may not:
(1) order the closing or suspension of operation of a state
trust company; or
(2) appoint for a state trust company a receiver, supervisor,
conservator, or liquidator, or other person with similar
responsibility.
(b) A person may not be designated receiver, supervisor,
conservator, or liquidator without the voluntary approval and
concurrence of the banking commissioner.
(c) This chapter prevails over any other conflicting law of this
state.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.003. FEDERAL DEPOSIT INSURANCE CORPORATION AS
LIQUIDATOR. (a) The banking commissioner without court action
may tender a state trust company that has been closed for
liquidation to the Federal Deposit Insurance Corporation or its
successor as receiver and liquidating agent if the trust deposits
of the state trust company were insured by the Federal Deposit
Insurance Corporation or its successor on the date of closing.
(b) After acceptance of tender of the state trust company, the
Federal Deposit Insurance Corporation or its successor shall
perform the acts and duties as receiver of the state trust
company that it considers necessary or desirable and that are
permitted or required by federal law or this chapter.
(c) If the Federal Deposit Insurance Corporation or its
successor refuses to accept tender of the state trust company,
the banking commissioner shall act as receiver.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.004. APPOINTMENT OF INDEPENDENT RECEIVER. (a) On
request of the banking commissioner, the court in which a
liquidation proceeding is pending may:
(1) appoint an independent receiver; and
(2) require a suitable bond of the independent receiver.
(b) On appointment of an independent receiver, the banking
commissioner is discharged as receiver and remains a party to the
liquidation proceeding with standing to initiate or contest any
motion. The views of the banking commissioner are entitled to
deference unless they are inconsistent with the plain meaning of
this chapter.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.005. SUCCESSION OF TRUST POWERS. (a) If a state trust
company in the process of voluntary or involuntary dissolution
and liquidation is acting as trustee, guardian, executor,
administrator, or escrow agent, or in another fiduciary or
custodial capacity, the banking commissioner may authorize the
sale of the state trust company's administration of fiduciary
accounts to a successor entity with fiduciary powers.
(b) The successor entity, without the necessity of action by a
court or the creator or a beneficiary of the fiduciary
relationship, shall:
(1) continue the office, trust, or fiduciary relationship; and
(2) perform all the duties and exercise all the powers connected
with or incidental to the fiduciary relationship as if the
successor entity had been originally designated as the fiduciary.
(c) This section applies to all fiduciary relationships,
including a trust established for the benefit of a minor by court
order under Section 142.005, Property Code. This section does not
affect any right of a court or a party to the instrument
governing the fiduciary relationship to subsequently designate
another trustee as the successor fiduciary.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
SUBCHAPTER B. VOLUNTARY DISSOLUTION
Sec. 186.101. INITIATING VOLUNTARY DISSOLUTION. (a) A state
trust company may initiate voluntary dissolution and surrender
its charter as provided by this subchapter:
(1) with the approval of the banking commissioner;
(2) after complying with the provisions of the Business
Organizations Code regarding board and shareholder approval for
voluntary dissolution; and
(3) by filing the notice of dissolution as provided by Section
186.102.
(b) The shareholders or participants of a state trust company
initiating voluntary dissolution by resolution shall appoint one
or more persons to act as liquidating agent or committee. The
liquidating agent or committee shall conduct the liquidation as
provided by law and under the supervision of the board. The
board, in consultation with the banking commissioner, shall
require the liquidating agent or committee to give a suitable
bond.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Amended by:
Acts 2007, 80th Leg., R.S., Ch.
237, Sec. 76, eff. September 1, 2007.
Sec. 186.102. FILING RESOLUTIONS WITH BANKING COMMISSIONER.
After resolutions to dissolve and liquidate a state trust company
have been adopted by the board and shareholders or participants,
a majority of the directors, managers, or managing participants
shall verify and file with the banking commissioner certified
copies of:
(1) the resolutions of the shareholders or participants that:
(A) are adopted at a meeting for which proper notice was given
or by unanimous written consent; and
(B) approve the dissolution and liquidation of the state trust
company;
(2) the resolutions of the board approving the dissolution and
liquidation of the state trust company if the trust company is
operated by a board of directors or managers;
(3) the notice to the shareholders or participants informing
them of the meeting described by Subdivision (1)(A); and
(4) a plan of liquidation.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Amended by:
Acts 2007, 80th Leg., R.S., Ch.
735, Sec. 18, eff. September 1, 2007.
Sec. 186.103. BANKING COMMISSIONER INVESTIGATION AND CONSENT.
The banking commissioner shall review the documentation submitted
under Section 186.102 and conduct any necessary investigation or
examination. If the proceedings appear to have been properly
conducted and the bond to be given by the liquidating agent or
committee is adequate for its purposes, the banking commissioner
shall consent to dissolution and direct the state trust company
to publish notice of its pending dissolution.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.104. NOTICE OF PENDING DISSOLUTION. (a) A state trust
company shall publish notice of its pending dissolution in a
newspaper of general circulation in each community where its home
office or an additional trust office is located:
(1) at least once each week for eight consecutive weeks; or
(2) at other times specified by the banking commissioner or
rules adopted under this subtitle.
(b) The notice must:
(1) be in the form and include the information required by the
banking commissioner; and
(2) state that:
(A) the state trust company is liquidating;
(B) clients, depositors, and creditors must present their claims
for payment on or before a specific date; and
(C) all safe deposit box holders and bailors of property left
with the state trust company should remove their property on or
before a specified date.
(c) The dates selected by the state trust company under
Subsection (b) must:
(1) be approved by the banking commissioner;
(2) allow the affairs of the state trust company to be wound up
as quickly as feasible; and
(3) allow creditors, clients, and owners of property adequate
time for presentation of claims, withdrawal of accounts, and
redemption of property.
(d) The banking commissioner may adjust the dates under
Subsection (b) with or without republication of notice if
additional time appears needed for the activities to which the
dates pertain.
(e) At the time of or promptly after publication of the notice,
the state trust company shall mail to each of the state trust
company's known clients, depositors, creditors, safe deposit box
holders, and bailors of property left with the state trust
company, at the mailing address shown on the state trust
company's records, an individual notice containing:
(1) the information required in a notice under Subsection (b);
and
(2) specific information pertinent to the account or property of
the addressee.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec.
6.019(a), eff. Sept. 1, 2001.
Sec. 186.105. SAFE DEPOSITS AND OTHER BAILMENTS. (a) A
contract between the state trust company and a person for
bailment, of deposit for hire, or for the lease of a safe, vault,
or box, ceases on the date specified in the notice as the date
for removal of property or a later date approved by the banking
commissioner. A person who has paid rental or storage charges for
a period extending beyond the date designated for removal of
property has an unsecured claim against the state trust company
for a refund of the unearned amount paid.
(b) If the property is not removed by the date the contract
ceases, an officer of the state trust company shall inventory the
property. In making the inventory, the officer may open a safe,
vault, box, package, parcel, or receptacle in the custody or
possession of the state trust company. The inventory must be made
in the presence of a notary public who is not an officer or
employee of the state trust company and who is bonded in an
amount and by sureties approved by the banking commissioner. The
property shall be marked to identify, to the extent possible, its
owner or the person who left it with the state trust company.
(c) After all property belonging to others that is in the state
trust company's custody and control has been inventoried, a
master list certified by the state trust company officer and the
notary public shall be furnished to the banking commissioner. The
master list shall be kept in a place and dealt with in a manner
the banking commissioner specifies pending delivery of the
property to its owner or to the comptroller as unclaimed
property.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.106. OFFICES TO REMAIN OPEN. Unless the banking
commissioner directs or consents otherwise, the home office and
all additional trust offices of a state trust company initiating
voluntary dissolution shall remain open for business during
normal business hours until the last date specified in published
notices for presentation of claims, withdrawal of accounts, and
redemption of property.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec.
6.020(a), eff. Sept. 1, 2001.
Sec. 186.107. FIDUCIARY ACTIVITIES. (a) As soon as practicable
after publication of the notice of dissolution, the state trust
company shall:
(1) terminate all fiduciary positions it holds;
(2) surrender all property held by it as a fiduciary; and
(3) settle its fiduciary accounts.
(b) Unless all fiduciary accounts are settled and transferred by
the last date specified in published notices or by the banking
commissioner and unless the banking commissioner directs
otherwise, the state trust company shall mail a notice to each
trustor and beneficiary of any remaining trust, escrow
arrangement, or other fiduciary relationship. The notice must
state:
(1) the location of an office open during normal business hours
where administration of the remaining fiduciary accounts will
continue until settled or transferred; and
(2) a telephone number at that office.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.108. FINAL LIQUIDATION. (a) After the state trust
company has taken all of the actions specified by Sections
186.102, 186.104, 186.105, and 186.107, paid all its debts and
obligations, and transferred all property for which a legal
claimant has been found after the time for presentation of claims
has expired, the state trust company shall make a list from its
books of the names of each depositor, creditor, owner of personal
property in the state trust company's possession or custody, or
lessee of any safe, vault, or box, who has not claimed or has not
received a deposit, debt, dividend, interest, balance, or other
amount or property due to the person. The list must be sworn to
or affirmed by a majority of the board or managing participants
of the state trust company.
(b) The state trust company shall:
(1) file the list and any necessary identifying information with
the banking commissioner;
(2) pay any unclaimed money and deliver any unclaimed property
to the comptroller as provided by Chapter 74, Property Code; and
(3) certify to the banking commissioner that the unclaimed money
has been paid and unclaimed property has been delivered to the
comptroller.
(c) After the banking commissioner has reviewed the list and has
reconciled the unclaimed cash and property with the amounts of
money and property reported and transferred to the comptroller,
the banking commissioner shall allow the state trust company to
distribute the state trust company's remaining assets, if any,
among its shareholders, participants, or participant-transferees
as their ownership interests appear.
(d) After distribution of all remaining assets under Subsection
(c), the state trust company shall file with the department:
(1) an affidavit and schedules sworn to or affirmed by a
majority of the board or managing participants, showing the
distribution to each shareholder, participant, or
participant-transferee;
(2) all copies of reports of examination of the state trust
company in its possession;
(3) its original charter or an affidavit stating that the
original charter is lost; and
(4) any certificates of authority for additional trust offices.
(e) After verifying the submitted information and documents, the
banking commissioner shall issue a certificate canceling the
charter of the state trust company.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec.
6.021(a), eff. Sept. 1, 2001.
Sec. 186.109. APPLICATION OF LAW TO STATE TRUST COMPANY IN
DISSOLUTION. A state trust company in the process of voluntary
dissolution and liquidation remains subject to this subtitle,
including provisions for examination by the banking commissioner,
and the state trust company shall furnish reports required by the
banking commissioner.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.110. AUTHORIZATION OF DEVIATION FROM PROCEDURES. The
banking commissioner may authorize a deviation from the
procedures for voluntary dissolution provided by this subchapter
if the banking commissioner determines that the interests of
claimants are not jeopardized by the deviation.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.111. CLOSURE BY BANKING COMMISSIONER FOR INVOLUNTARY
DISSOLUTION AND LIQUIDATION. The banking commissioner may close
the state trust company for involuntary dissolution and
liquidation under this chapter if the banking commissioner
determines that:
(1) the voluntary liquidation is:
(A) being conducted in an improper or illegal manner; or
(B) not in the best interests of the state trust company's
clients and creditors; or
(2) the state trust company is insolvent or imminently
insolvent.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.112. APPLICATION FOR NEW CHARTER. After a state trust
company's charter has been voluntarily surrendered and canceled,
the state trust company may not resume business or reopen except
on application for and approval of a new charter.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
SUBCHAPTER C. INVOLUNTARY DISSOLUTION AND LIQUIDATION
Sec. 186.201. ACTION TO CLOSE STATE TRUST COMPANY. (a) The
banking commissioner may by written order close and liquidate a
state trust company on finding that:
(1) the interests of its clients and creditors are jeopardized
by the state trust company's insolvency or imminent insolvency;
and
(2) the best interests of clients and creditors would be served
by requiring that the state trust company be closed and its
assets liquidated.
(b) A majority of the state trust company's directors, managers,
or managing participants may voluntarily close the state trust
company and place it with the banking commissioner for
liquidation.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999. Amended by Acts 2001, 77th Leg., ch. 412, Sec. 3.12,
eff. Sept. 1, 2001.
Sec. 186.202. NOTICE AND EFFECT OF CLOSURE; APPOINTMENT OF
RECEIVER. (a) After closing a state trust company under Section
186.201, the banking commissioner shall attach to or otherwise
display at its main entrance a copy of the written closing order
issued under Section 186.201(a) and containing the findings on
which the closing of the state trust company is based. A
correspondent bank of the closed state trust company may not pay
an item drawn on the account of the closed state trust company
that is presented for payment after the correspondent has
received actual notice of closing unless it previously certified
the item for payment.
(b) As soon as practicable after posting the closing order at
the state trust company's main entrance, the banking commissioner
shall tender the state trust company to the Federal Deposit
Insurance Corporation as provided by Section 186.003 or initiate
a receivership proceeding by filing a certified copy of the
closing order in district court in Travis County, subject to
Subsection (c). The court in which the closing order is filed
shall docket it as a case styled, "In re liquidation of ____"
(inserting the name of the state trust company). When the closing
order is filed, the court has constructive custody of all the
state trust company's assets and any action that seeks to
directly or indirectly affect state trust company assets is
considered an intervention in the receivership proceeding and
subject to this subchapter and Subchapter D.
(c) Venue for an action instituted to effect, contest, or
intervene in the liquidation of a state trust company is in
Travis County, except that on motion filed and served
concurrently with or before the filing of the answer, the court
may, on a finding of good cause, transfer the action to the
county of the state trust company's home office.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999. Amended by Acts 2001, 77th Leg., ch. 412, Sec. 3.13,
eff. Sept. 1, 2001.
Sec. 186.203. NATURE AND DURATION OF RECEIVERSHIP. (a) The
court may not require a bond from the banking commissioner as
receiver.
(b) A reference in this chapter to the receiver is a reference
to the banking commissioner as receiver and to any successors in
office, the Federal Deposit Insurance Corporation if acting as
receiver as provided by Section 186.003 and federal law, or an
independent receiver appointed at the request of the banking
commissioner as provided by Section 186.004.
(c) The receiver has all the powers of the directors, managers,
managing participants, officers, and shareholders or participants
of the state trust company as necessary to support an action
taken on behalf of the state trust company.
(d) The receiver and all employees and agents acting on behalf
of the receiver are acting in an official capacity and are
protected by Section 12.106. An act of the receiver is an act of
the state trust company in liquidation. This state or a political
subdivision of this state is not liable and may not be held
accountable for any debt or obligation of a state trust company
in receivership.
(e) Section 64.072, Civil Practice and Remedies Code, applies to
the receivership of a state trust company except as provided by
this subsection. A state trust company receivership shall be
administered continuously for the length of time necessary to
complete its purposes, and a period prescribed by other law
limiting the time for the administration of a receivership or of
corporate affairs generally, including Section 64.072(d), Civil
Practice and Remedies Code, does not apply.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.204. CONTEST OF LIQUIDATION. (a) A state trust
company, acting through a majority of its directors, managers, or
managing participants, may intervene in an action filed by the
banking commissioner closing a state trust company to challenge
the banking commissioner's closing of the state trust company and
to enjoin the banking commissioner or other receiver from
liquidating its assets. The state trust company must file the
intervention not later than the second business day after the
closing of the state trust company, excluding legal holidays. The
court may issue an ex parte order restraining the receiver from
liquidating state trust company assets pending a hearing on the
injunction. The receiver shall comply with the restraining order
but may petition the court for permission to liquidate an asset
as necessary to prevent its loss or diminution pending the
outcome of the injunction action.
(b) The court shall hear an action under Subsection (a) as
quickly as possible and shall give it priority over other
business.
(c) The state trust company or receiver may appeal the court's
judgment as in other civil cases, except that the receiver shall
retain all state trust company assets pending a final appellate
court order even if the banking commissioner does not prevail in
the trial court. If the banking commissioner prevails in the
trial court, liquidation of the state trust company may proceed
unless the trial court or appellate court orders otherwise. If
liquidation is enjoined or stayed pending appeal, the trial court
retains jurisdiction to permit liquidation of an asset as
necessary to prevent its loss or diminution pending the outcome
of the appeal.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.205. NOTICE OF STATE TRUST COMPANY CLOSING. (a) As
soon as reasonably practicable after initiation of the
receivership proceeding, the receiver shall publish notice, in a
newspaper of general circulation in each community where the
state trust company's home office or any additional trust office
is located. The notice must state that:
(1) the state trust company has been closed for liquidation;
(2) clients and creditors must present their claims for payment
on or before a specific date; and
(3) all safe deposit box holders and bailors of property left
with the state trust company should remove their property not
later than a specified date.
(b) A date that the receiver selects under Subsection (a):
(1) may not be earlier than the 121st day after the date of the
notice; and
(2) must allow:
(A) the affairs of the state trust company to be wound up as
quickly as feasible; and
(B) creditors, clients, and owners of property adequate time for
presentation of claims, withdrawal of accounts, and redemption of
property.
(c) The receiver may adjust the dates under Subsection (a) with
the approval of the court and with or without republication of
notice if additional time appears needed for those activities.
(d) As soon as reasonably practicable given the state of state
trust company records and the adequacy of staffing, the receiver
shall mail to each of the state trust company's known clients,
creditors, safe deposit box holders, and bailors of property left
with the state trust company, at the mailing address shown on the
state trust company's records, an individual notice containing
the information required in a notice under Subsection (a) and
specific information pertinent to the account or property of the
addressee.
(e) The receiver may determine the form and content of notices
under this section.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec.
6.022(a), eff. Sept. 1, 2001.
Sec. 186.206. INVENTORY. As soon as reasonably practicable
given the state of state trust company records and the adequacy
of staffing, the receiver shall prepare a comprehensive inventory
of the state trust company's assets for filing with the court.
The inventory is open to inspection.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.207. RECEIVER'S TITLE AND PRIORITY. (a) The receiver
has the title to all the state trust company's property,
contracts, and rights of action, wherever located, beginning on
the date the state trust company is closed for liquidation.
(b) The rights of the receiver have priority over a contractual
lien or statutory landlord's lien under Chapter 54, Property
Code, judgment lien, attachment lien, or voluntary lien that
arises after the date of the closing of the state trust company
for liquidation.
(c) The filing or recording of a receivership order in a record
office of this state gives the same notice that would be given by
a deed, bill of sale, or other evidence of title filed or
recorded by the state trust company in liquidation. The recording
clerk shall index a recorded receivership order in the records to
which the order relates.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.208. RIGHTS FIXED. The rights and liabilities of the
state trust company in liquidation and of a client, creditor,
officer, director, manager, managing participant, employee,
shareholder, participant, participant-transferee, agent, or other
person interested in the state trust company's estate are fixed
on the date of closing of the state trust company for liquidation
except as otherwise directed by the court or as expressly
provided otherwise by this subchapter or Subchapter D.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.209. DEPOSITORIES. (a) The receiver may deposit money
collected on behalf of the state trust company estate in:
(1) the Texas Treasury Safekeeping Trust Company in accordance
with procedures established by the comptroller; or
(2) one or more depository institutions in this state, the
deposits of which are insured by the Federal Deposit Insurance
Corporation or its successor, if the receiver, using sound
financial judgment, determines that it would be advantageous to
do so.
(b) If receivership money deposited in an account at a state
bank exceeds the maximum insured amount, the receiver shall
require the excess deposit to be adequately secured through
pledge of securities or otherwise, without approval of the court.
The depository bank may secure the deposits of the state trust
company in liquidation on behalf of the receiver, notwithstanding
any other provision of this subtitle.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.210. PENDING LAWSUIT. (a) A judgment or order of a
court of this state or of another jurisdiction in an action
pending by or against the state trust company, rendered after the
date the state trust company was closed for liquidation, is not
binding on the receiver unless the receiver was made a party to
the suit.
(b) Before the first anniversary of the date the state trust
company was closed for liquidation, the receiver may not be
required to plead to any suit pending against the state trust
company in a court in this state on the date the state trust
company was closed for liquidation and in which the receiver is a
proper plaintiff or defendant.
(c) Sections 64.052, 64.053, and 64.056, Civil Practice and
Remedies Code, do not apply to a state trust company estate being
administered under this subchapter and Subchapter D.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.211. NEW LAWSUIT. (a) Except as otherwise provided by
this section, the court in which a receivership proceeding is
pending under this subchapter has exclusive jurisdiction to hear
and determine all actions or proceedings instituted by or against
the state trust company or receiver after the receivership
proceeding begins.
(b) The receiver may file in any jurisdiction an ancillary suit
that may be helpful to obtain jurisdiction or venue over a person
or property.
(c) Exclusive venue lies in Travis County for an action or
proceeding instituted against the receiver or the receiver's
employee, including an employee of the department, that asserts
personal liability on the part of the receiver or employee.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.212. OBTAINING RECORD OR OTHER PROPERTY IN POSSESSION
OF OTHER PERSON. (a) Each state trust company affiliate,
officer, director, manager, managing participant, employee,
shareholder, participant, participant-transferee, trustee, agent,
servant, employee, attorney, attorney-in-fact, or correspondent
shall immediately deliver to the receiver, without cost to the
receiver, any record or other property of the state trust company
or that relates to the business of the state trust company.
(b) If by contract or otherwise a record or other property that
can be copied is the property of a person listed in Subsection
(a), it shall be copied and the copy shall be delivered to the
receiver. The owner shall retain the original until notification
by the receiver that it is no longer required in the
administration of the state trust company's estate or until
another time the court, after notice and hearing, directs. The
copy is considered to be a record of the state trust company in
liquidation under Section 186.225.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.213. INJUNCTION IN AID OF LIQUIDATION. (a) On
application by the receiver, the court with or without notice may
issue an injunction:
(1) restraining each state trust company officer, director,
manager, managing participant, employee, shareholder,
participant, participant-transferee, trustee, agent, servant,
employee, attorney, attorney-in-fact, accountant or accounting
firm, correspondent, or other person from transacting the state
trust company's business or wasting or disposing of its property;
or
(2) requiring the delivery of the state trust company's property
or assets to the receiver subject to the further order of the
court.
(b) At any time during a proceeding under this subchapter, the
court may issue another injunction or order considered necessary
or desirable to prevent:
(1) interference with the receiver or the proceeding;
(2) waste of the assets of the state trust company;
(3) the beginning or prosecution of an action;
(4) the obtaining of a preference, judgment, attachment,
garnishment, or other lien; or
(5) the making of a levy against the state trust company or
against its assets.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.214. SUBPOENA. (a) The receiver may request the court
ex parte to issue a subpoena to compel the attendance and
testimony of a witness before the receiver and the production of
a record relating to the receivership estate. For that purpose
the receiver or the receiver's designated representative may
administer an oath or affirmation, examine a witness, or receive
evidence. The court has statewide subpoena power and may compel
attendance and production of a record before the receiver at the
state trust company, the office of the receiver, or another
location.
(b) A person served with a subpoena under this section may file
a motion with the court for a protective order as provided by
Rule 166b, Texas Rules of Civil Procedure. In a case of
disobedience of a subpoena or the contumacy of a witness
appearing before the receiver or the receiver's designated
representative, the receiver may request and the court may issue
an order requiring the person subpoenaed to obey the subpoena,
give evidence, or produce a record relating to the matter in
question.
(c) A witness who is required to appear before the receiver is
entitled to receive:
(1) reimbursement for mileage, in the amount for travel by a
state employee, for traveling to or returning from a proceeding
that is more than 25 miles from the witness's residence; and
(2) a fee for each day or part of a day the witness is
necessarily present as a witness in an amount set by the receiver
with the approval of the court of not less than $10 a day and not
more than an amount equal to the per diem travel allowance of a
state employee.
(d) A payment of fees under Subsection (c) is an administrative
expense.
(e) The receiver may serve the subpoena or have it served by the
receiver's authorized agent, a sheriff, or a constable. The
sheriff's or constable's fee for serving a subpoena must be the
same as the fee paid the sheriff or constable for similar
services.
(f) A subpoena issued under this section to a financial
institution is not subject to Section 59.006.
(g) On certification by the receiver under official seal, a
record produced or testimony taken as provided by this section
and held by the receiver is admissible in evidence in any case
without proof of its correctness or other proof, except the
certificate of the receiver that the record or testimony was
received from the person producing the record or testifying. The
certified record or a certified copy of the record is prima facie
evidence of the facts it contains. This section does not limit
another provision of this subchapter, Subchapter D, or another
law that provides for the admission of evidence or its
evidentiary value.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec.
6.103(f), eff. Sept. 1, 2001.
Sec. 186.215. EXECUTORY CONTRACT; ORAL AGREEMENT. (a) Not
later than six months after the date the receivership proceeding
begins, the receiver may terminate any executory contract to
which the state trust company is a party or any obligation of the
state trust company as a lessee. A lessor who receives notice of
the receiver's election to terminate the lease before the 60th
day before the termination date is not entitled to rent or
damages for termination, other than rent accrued to the date of
termination.
(b) An agreement that tends to diminish or defeat the interest
of the estate in a state trust company asset is not valid against
the receiver unless the agreement:
(1) is in writing;
(2) was executed by the state trust company and any person
claiming an adverse interest under the agreement, including the
obligor, when the state trust company acquired the asset;
(3) was approved by the board of the state trust company or its
designated committee, and the approval is reflected in the
minutes of the board or committee; and
(4) has been continuously since its execution an official record
of the state trust company.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.216. PREFERENCES. (a) A transfer of or lien on the
property or assets of a state trust company is voidable by the
receiver if the transfer or lien:
(1) was made or created after:
(A) four months before the date the state trust company is
closed for liquidation; or
(B) one year before the date the state trust company is closed
for liquidation if the receiving creditor was at the time an
affiliate, officer, director, manager, managing participant,
principal shareholder, or participant of the state trust company
or an affiliate of the trust company;
(2) was made or created with the intent of giving to a creditor
or depositor, or enabling a creditor or depositor to obtain, a
greater percentage of the claimant's debt than is given or
obtained by another claimant of the same class; and
(3) is accepted by a creditor or depositor having reasonable
cause to believe that a preference will occur.
(b) Each state trust company officer, director, manager,
managing participant, employee, shareholder, participant,
participant-transferee, trustee, agent, servant, employee,
attorney-in-fact, or correspondent, or other person acting on
behalf of the state trust company, who has participated in
implementing a voidable transfer or lien, and each person
receiving property or the benefit of property of the state trust
company as a result of the voidable transfer or lien, is
personally liable for the property or benefit received and shall
account to the receiver for the benefit of the clients and
creditors of the state trust company.
(c) The receiver may avoid a transfer of or lien on the property
or assets of a state trust company that a client, creditor,
shareholder, participant, or participant-transferee of the state
trust company could have avoided and may recover the property
transferred or its value from the person to whom it was
transferred or from a person who has received it unless the
transferee or recipient was a bona fide holder for value before
the date the state trust company was closed for liquidation.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.217. EMPLOYEES OF RECEIVER. The receiver may employ
agents, legal counsel, accountants, appraisers, consultants, and
other personnel the receiver considers necessary to assist in the
performance of the receiver's duties. The receiver may use
personnel of the department if the receiver considers the use to
be advantageous or desirable. The expense of employing those
persons is an administrative expense.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.218. DISPOSAL OF PROPERTY; SETTLING OF CLAIM. (a) In
liquidating a state trust company, the receiver on order of the
court entered with or without hearing may:
(1) sell all or part of the property of the state trust company;
(2) borrow money and pledge all or part of the assets of the
state trust company to secure the debt created, except that the
receiver may not be held personally liable to repay borrowed
funds;
(3) compromise or compound a doubtful or uncollectible debt or
claim owed by or owing to the state trust company; and
(4) enter another agreement on behalf of the state trust company
that the receiver considers necessary or proper to the
management, conservation, or liquidation of its assets.
(b) If the amount of a debt or claim owed by or owing to the
state trust company or the value of an item of property of the
trust company does not exceed $20,000, excluding interest, the
receiver may compromise or compound the debt or claim or sell the
property on terms the receiver considers to be in the best
interest of the state trust company estate without obtaining the
approval of the court.
(c) With the approval of the court, the receiver may sell or
offer or agree to sell an asset of the state trust company, other
than a fiduciary asset, to a depositor or creditor of the state
trust company. Payment may be in whole or in part out of
distributions payable to the purchasing creditor or depositor on
account of an approved claim against the state trust company's
estate. On application by the receiver, the court may designate
one or more representatives to act for certain clients or
creditors as a class in the purchase, holding, and management of
assets purchased by the class under this section, and the
receiver may with the approval of the court advance the expenses
of the appointed representative against the security of the
claims of the class.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.219. COURT ORDER; NOTICE AND HEARING. If the court
requires notice and hearing before entering an order, the court
shall set the time and place of the hearing and prescribe whether
the notice is to be given by service on specific parties, by
publication, or by a combination of those methods. The court may
not enter an order requested by a person other than the receiver
without notice to the receiver and an opportunity for the
receiver to be heard.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.220. RECEIVER'S REPORTS; EXPENSES. (a) The receiver
shall file with the court:
(1) a quarterly report showing the operation, receipts,
expenditures, and general condition of the state trust company in
liquidation; and
(2) a final report regarding the liquidated state trust company
showing all receipts and expenditures and giving a full
explanation and a statement of the disposition of all assets of
the state trust company.
(b) The receiver shall pay all administrative expenses out of
money or other assets of the state trust company. Each quarter
the receiver shall swear to and submit to the court an itemized
report of those expenses. The court shall approve the report
unless an objection is filed before the 11th day after the date
it is submitted. An objection may be made only by a party in
interest and must specify each item objected to and the ground
for the objection. The court shall set the objection for hearing
and notify the parties of this action. The objecting party has
the burden of proof to show that the item objected to is
improper, unnecessary, or excessive.
(c) The court may prescribe whether the notice of the receiver's
report is to be given by service on specific parties, by
publication, or by a combination of those methods.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.221. COURT-ORDERED AUDIT. (a) The court may order an
audit of the books and records of the receiver that relate to the
receivership. A report of an audit ordered under this section
shall be filed with the court. The receiver shall make the books
and records relating to the receivership available to the auditor
as required by the court order.
(b) The receiver shall pay the expenses of an audit ordered
under this section as an administrative expense.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.222. SAFE DEPOSITS AND OTHER BAILMENTS. (a) A
contract between the state trust company and another person for
bailment, of deposit for hire, or for the lease of a safe, vault,
or box ceases on the date specified for removal of property in
the notices that were published and mailed or a later date
approved by the receiver or the court. A person who has paid
rental or storage charges for a period extending beyond the date
designated for removal of property has a claim against the state
trust company estate for a refund of the unearned amount paid.
(b) If the property is not removed by the date the contract
ceases, the receiver shall inventory the property. In making the
inventory, the receiver may open a safe, vault, or box, or any
package, parcel, or receptacle, in the custody or possession of
the receiver. The property shall be marked to identify, to the
extent possible, its owner or the person who left it with the
state trust company. After all property belonging to others that
is in the receiver's custody and control has been inventoried,
the receiver shall compile a master list that is divided for each
office of the state trust company that received property that
remains unclaimed. The receiver shall publish, in a newspaper of
general circulation in each community in which the state trust
company had an office that received property that remains
unclaimed, the list and the names of the owners of the property
as shown in the state trust company's records. The published
notice shall specify a procedure for claiming the property unless
the court, on application of the receiver, approves an alternate
procedure.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.223. FIDUCIARY ACTIVITIES. (a) As soon after
beginning the receivership proceeding as is practicable, the
receiver shall:
(1) terminate all fiduciary positions the state trust company
holds;
(2) surrender all property held by the state trust company as a
fiduciary; and
(3) settle the state trust company's fiduciary accounts.
(b) The receiver shall release all segregated and identifiable
fiduciary property held by the state trust company to successor
fiduciaries.
(c) With the approval of the court, the receiver may sell the
administration of all or substantially all remaining fiduciary
accounts to one or more successor fiduciaries on terms that
appear to be in the best interest of the state trust company's
estate and the persons interested in the fiduciary accounts.
(d) If commingled fiduciary money held by the state trust
company as trustee is insufficient to satisfy all fiduciary
claims to the commingled money, the receiver shall distribute
commingled money pro rata to all fiduciary claimants of
commingled money based on their proportionate interests after
payment of administrative expenses related solely to the
fiduciary claims. The fictional tracing rule does not apply.
(e) The receiver may require a fiduciary claimant to file a
proof of claim if the records of the state trust company are
insufficient to identify the claimant's interest.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.224. DISPOSITION AND MAINTENANCE OF RECORDS. (a) On
approval by the court, the receiver may dispose of records of the
state trust company in liquidation that are obsolete and
unnecessary to the continued administration of the receivership
proceeding.
(b) The receiver may devise a method for the effective,
efficient, and economical maintenance of the records of the state
trust company and of the receiver's office. The methods may
include maintaining those records on any medium approved by the
records management division of the Texas State Library.
(c) To maintain the records of the liquidated state trust
company after the closing of the receivership proceeding, the
receiver may reserve assets of an estate, deposit them in an
account, and use them for maintenance, storage, and disposal of
records in closed receivership estates.
(d) Records of a liquidated state trust company are not
government records for any purpose, including Chapter 552,
Government Code, but shall be preserved and disposed of as if
they were records of the department under Chapter 441, Government
Code. Those records are confidential as provided by:
(1) Section 59.006;
(2) Subchapter D, Chapter 181; and
(3) rules adopted under this subtitle.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec.
6.103(g), eff. Sept. 1, 2001.
Sec. 186.225. RECORDS ADMITTED. (a) A record of a state trust
company in liquidation obtained by the receiver and held in the
course of the receivership proceeding or a certified copy of the
record under the official seal of the receiver is admissible in
evidence in all cases without proof of correctness or other
proof, except the certificate of the receiver that the record was
received from the custody of the state trust company or found
among its effects.
(b) The receiver may certify the correctness of a record of the
receiver's office, including a record described by Subsection
(a), and may certify any fact contained in the record. The record
is admissible in evidence in all cases in which the original
would be evidence.
(c) The original record or a certified copy of the record is
prima facie evidence of the facts it contains.
(d) A copy of an original record or another record that is
maintained on a medium approved by the records management
division of the Texas State Library, within the scope of this
section, and produced by the receiver or the receiver's
authorized representative under this section:
(1) has the same effect as the original record; and
(2) may be used the same as the original record in a judicial or
administrative proceeding in this state.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.226. RESUMPTION OF BUSINESS. (a) A state trust
company closed under Section 186.201 may not be reopened without
the approval of the banking commissioner unless a contest of
liquidation under Section 186.204 is finally resolved adversely
to the banking commissioner and the court authorizes its
reopening.
(b) The banking commissioner may place temporary limits on the
right of withdrawals by, or payments to, individual clients and
creditors of a state trust company reopened under this section,
in accordance with applicable law.
(c) As a depositor or creditor of a reopened state trust
company, this state or a political subdivision of this state may
agree to temporary limits that the banking commissioner places on
payments or withdrawals.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.227. ASSETS DISCOVERED AFTER CLOSE OF RECEIVERSHIP.
(a) The banking commissioner shall report to the court discovery
of an asset having value that:
(1) the banking commissioner discovers after the receivership
was closed by final order of the court; and
(2) was abandoned as worthless or unknown during receivership.
(b) The court may reopen the receivership proceeding for
continued liquidation if the value of the after-discovered assets
justifies the reopening.
(c) If the banking commissioner suspects that the information
concerning after-disclosed assets may have been intentionally or
fraudulently concealed, the banking commissioner shall notify
appropriate civil and criminal authorities to determine any
applicable penalties.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
SUBCHAPTER D. CLAIMS AGAINST RECEIVERSHIP ESTATE
Sec. 186.301. FILING CLAIM. (a) This section applies only to a
claim by a person, other than a shareholder, participant, or
participant-transferee acting in that capacity, who has a claim
against a state trust company in liquidation, including a
claimant with a secured claim or a claimant under a fiduciary
relationship that has been ordered by the receiver to file a
claim pursuant to Section 186.223.
(b) To receive payment of a claim, the person must present proof
of the claim to the receiver:
(1) at a place specified by the receiver; and
(2) within the period specified by the receiver under Section
186.205.
(c) Receipt of the required proof of claim by the receiver is a
condition precedent to the payment of the claim.
(d) A claim that is not filed within the period specified by the
receiver may not participate in a distribution of the assets by
the receiver, except that, subject to court approval, the
receiver may accept a claim filed not later than the 180th day
after the date notice of the claimant's right to file a proof of
claim is mailed to the claimant.
(e) A claim accepted under this section and approved is
subordinate to an approved claim of a general creditor.
(f) Interest does not accrue on a claim after the date the state
trust company is closed for liquidation.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.302. PROOF OF CLAIM. (a) A proof of claim must be in
writing, be signed by the claimant, and include:
(1) a statement of the claim;
(2) a description of the consideration for the claim;
(3) a statement of whether collateral is held or a security
interest is asserted against the claim and, if so, a description
of the collateral or security interest;
(4) a statement of any right of priority of payment for the
claim or other specific right asserted by the claimant;
(5) a statement of whether a payment has been made on the claim
and, if so, the amount and source of the payment, to the extent
known by the claimant;
(6) a statement that the amount claimed is justly owed by the
state trust company in liquidation to the claimant; and
(7) any other matter that is required by the court.
(b) The receiver may designate the form of the proof of claim. A
proof of claim must be filed under oath unless the oath is waived
by the receiver. A proof of claim filed with the receiver is
considered filed in an official proceeding for purposes of
Chapter 37, Penal Code.
(c) If a claim is founded on a written instrument, the original
instrument, unless lost or destroyed, must be filed with the
proof of claim. After the instrument is filed, the receiver may
permit the claimant to substitute a copy of the instrument until
the final disposition of the claim. If the instrument is lost or
destroyed, a statement of that fact and of the circumstances of
the loss or destruction must be filed under oath with the claim.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.303. JUDGMENT AS PROOF OF CLAIM. (a) A judgment
entered against a state trust company in liquidation before the
date the state trust company was closed for liquidation may not
be given higher priority than a claim of an unsecured creditor
unless the judgment creditor in a proof of claim proves the
allegations supporting the judgment to the receiver's
satisfaction.
(b) A judgment against the state trust company taken by default
or by collusion before the date the state trust company was
closed for liquidation may not be considered as conclusive
evidence of the liability of the state trust company to the
judgment creditor or of the amount of damages to which the
judgment creditor is entitled.
(c) A judgment against the state trust company entered after the
date the state trust company was closed for liquidation may not
be considered as evidence of liability or of the amount of
damages.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.304. SECURED CLAIM. (a) The owner of a secured
deposit may file a claim as a creditor against a state trust
company in liquidation. The value of security shall be determined
under supervision of the court by converting the security into
money.
(b) The owner of a secured claim against a state trust company
in liquidation may:
(1) surrender the security and file a claim as a general
creditor; or
(2) apply the security to the claim and discharge the claim.
(c) If the owner applies the security and discharges the claim
under Subsection (b), any deficiency shall be treated as a claim
against the general assets of the state trust company on the same
basis as a claim of an unsecured creditor. The amount of the
deficiency shall be determined as provided by Section 186.305,
except that if the amount of the deficiency has been adjudicated
by a court in a proceeding in which the receiver has had notice
and an opportunity to be heard, the court's decision is
conclusive as to the amount.
(d) The value of security held by a secured creditor shall be
determined under supervision of the court by:
(1) converting the security into money according to the terms of
the agreement under which the security was delivered to the
creditor; or
(2) agreement, arbitration, compromise, or litigation between
the creditor and the receiver.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.305. UNLIQUIDATED OR UNDETERMINED CLAIM. (a) A claim
based on an unliquidated or undetermined demand shall be filed
within the period provided by Subchapter C for the filing of a
claim. The claim may not share in any distribution to claimants
until the claim is definitely liquidated, determined, and
allowed. After the claim is liquidated, determined, and allowed,
the claim shares ratably with the claims of the same class in all
subsequent distributions.
(b) For the purposes of this section, a demand is considered
unliquidated or undetermined if the right of action on the demand
accrued while a state trust company was closed for liquidation
and the liability on the demand has not been determined or the
amount of the demand has not been liquidated.
(c) If the receiver in all other respects is in a position to
close the receivership proceeding, the proposed closing is
sufficient grounds for the rejection of any remaining claim based
on an unliquidated or undetermined demand. The receiver shall
notify the claimant of the intention to close the proceeding. If
the demand is not liquidated or determined before the 61st day
after the date of the notice, the receiver may reject the claim.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.306. SET-OFF. (a) Mutual credits and mutual debts
shall be set off and only the balance allowed or paid, except
that a set-off may not be allowed in favor of a person if:
(1) the obligation of a state trust company to the person on the
date the state trust company was closed for liquidation did not
entitle the person to share as a claimant in the assets of the
state trust company;
(2) the obligation of the state trust company to the person was
purchased by or transferred to the person after the date the
state trust company was closed for liquidation or for the purpose
of increasing set-off rights; or
(3) the obligation of the person or the state trust company is
as a trustee or fiduciary.
(b) On request, the receiver shall provide a person with an
accounting statement identifying each debt that is due and
payable. A person who owes a state trust company an amount that
is due and payable against which the person asserts set-off of
mutual credits that may become due and payable from the state
trust company in the future shall promptly pay to the receiver
the amount due and payable. The receiver shall promptly refund,
to the extent of the person's prior payment, mutual credits that
become due and payable to the person by the state trust company
in liquidation.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.
1, 1999.
Sec. 186.307. ACTION ON CLAIM. (a) Not later than six months
after the last day permitted for the filing of claims or a later
date allowed by the court, the receiver shall accept or reject in
whole or in part each claim filed against the state trust company
in liquidation, except for an unliquidate