Texas Finance Code - Section 32.403. Liquidation Of Selling Institution
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§ 32.403. LIQUIDATION OF SELLING INSTITUTION. If the
selling financial institution is at any time after the sale of
assets voluntarily or involuntarily closed for liquidation by a
state or federal regulatory agency, the purchasing bank shall pay
to the receiver of the selling institution the balance of the money
held by it in trust or on deposit for the selling institution and
not yet paid to the depositors and creditors of the selling
institution. Without further action the purchasing bank is
discharged from all responsibilities to the selling institution or
the selling institution's receiver, depositors, creditors,
shareholders, participants, or participant-transferees.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 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 33.001 33.002
Last modified: August 10, 2007
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