Texas Finance Code - Section 32.401. Authority To Purchase Assets Of Another Financial Institution
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§ 32.401. AUTHORITY TO PURCHASE ASSETS OF ANOTHER
FINANCIAL INSTITUTION. (a) A state bank with the prior written
approval of the banking commissioner may purchase all or
substantially all of the assets of another financial institution.
(b) Except as otherwise expressly provided by another
statute, the purchase of all or part of the assets of the selling
institution does not make the purchasing bank responsible for any
liability or obligation of the selling institution that the
purchasing bank does not expressly assume.
(c) Except as otherwise provided by this subtitle, this
subchapter does not govern or prohibit the purchase by a state bank
of all or part of the assets of a corporation or other entity that is
not a financial institution.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 32.202 32.203 32.204 32.301 32.302 32.303 32.304 32.401 32.402 32.403 32.404 32.405 32.406 32.501 32.502
Last modified: August 10, 2007
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