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.