{"data":{"id":"us-tx/tex.-civil-practice-and-remedies-code-64.072","jurisdiction":"us-tx","citation":"Tex. Civil Practice and Remedies Code § 64.072","heading":"LIMITED DURATION.","body":"(a) Except as provided by this section, a court may not administer a corporation in receivership for more than three years after the date the receiver is appointed, and the court shall wind up the affairs of the corporation within that period.\n(b) A court may, from time to time, extend the duration of a corporate receivership if:\n(1) litigation prevents the court from winding up the affairs of the corporation within three years; or\n(2) the receiver is operating the corporation as a going concern.\n(c) To extend the duration of a corporate receivership, the court must have received an application for the extension and, following notice to all attorneys of record, must conduct a hearing on the extension. As required by the best interests of all concerned parties, the court may prescribe conditions for the extension and extend it for a term within the limits provided by Subsection (d). The court shall enter into its minutes the proper order extending the receivership.\n(d) A court may not extend a corporate receivership for more than five years beyond the original three years, except that the court may extend for any additional period the receivership of a corporation organized under former Article 3.05(A)(2), Texas Miscellaneous Corporation Laws Act (Article 1302-3.05, Vernon's Texas Civil Statutes), Section 2.006, Business Organizations Code, before September 1, 2009, or a railroad corporation organized under the Business Organizations Code or former Title 112, Revised Statutes.\nActs 1985, 69th Leg., ch. 959, Sec. 1, eff. Sept. 1, 1985.\nAmended by:\nActs 2011, 82nd Leg., R.S., Ch. 91 (S.B. 1303), Sec. 5.001, eff. September 1, 2011.","path":["CIVIL PRACTICE AND REMEDIES CODE","TITLE 3. EXTRAORDINARY REMEDIES","CHAPTER 64. RECEIVERSHIP","SUBCHAPTER E. PROVISIONS RELATING TO RECEIVERSHIP OF CORPORATIONS"],"source_url":"https://statutes.capitol.texas.gov/Docs/CP/htm/CP.64.htm#64.072","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:00Z","sha256":"fa979393b66824d865e4b14a597fd4b617d82b4e39f29a419dec12ea34e4f512","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-civil-practice-and-remedies-code-64.071","next":"us-tx/tex.-civil-practice-and-remedies-code-64.0721"},"notice":"GroundRules: Original legal text. Not legal advice."}