{"data":{"id":"us-tx/tex.-finance-code-126.003","jurisdiction":"us-tx","citation":"Tex. Finance Code § 126.003","heading":"ENFORCEABILITY OF AGREEMENT MADE BY CREDIT UNION BEFORE CONSERVATORSHIP OR LIQUIDATION.","body":"An agreement that tends to diminish or defeat the interest of the conservator or liquidating agent in an asset acquired under this chapter, either as security for a loan or by purchase, is not valid against the conservator or liquidating agent unless the agreement is:\n(1) in writing;\n(2) executed by the credit union and each person claiming an adverse interest under the agreement, including the obligor, contemporaneously with the acquisition of the asset by the credit union;\n(3) approved by the board with the approval recorded in the minutes of the board; and\n(4) an official record of the credit union continuously from the time of its execution.\nActs 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.","path":["FINANCE CODE","TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES","SUBTITLE D. CREDIT UNIONS","CHAPTER 126. CREDIT UNION SUPERVISION AND REGULATION","SUBCHAPTER A. GENERAL PROVISIONS"],"source_url":"https://statutes.capitol.texas.gov/Docs/FI/htm/FI.126.htm#126.003","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:13Z","sha256":"fbb0a6affb5f73243b09237e45bf172d3203abcfd3a91a289720e1ed11e806d1","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-finance-code-126.002","next":"us-tx/tex.-finance-code-126.051"},"notice":"GroundRules: Original legal text. Not legal advice."}