Texas Finance Code - Section 32.404. Payment To Depositors And Creditors
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Texas Lawyer > Finance Code > Texas Finance Code - Section 32.404. Payment To Depositors And Creditors
§ 32.404. PAYMENT TO DEPOSITORS AND CREDITORS. The
purchasing bank may pay a depositor or creditor of the selling
institution the amount to be paid the person under the terms of the
contract of agency by opening an account in the name of the
depositor or creditor, crediting the account with the amount to be
paid the depositor or creditor under the terms of the agency
contract, and mailing or personally delivering a duplicate deposit
ticket evidencing the credit to the depositor or creditor at the
person's address shown in the records of the selling institution.
The relationship between the purchasing bank and the depositor or
creditor is that of debtor to creditor only to the extent of the
credit reflected by the deposit ticket.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 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 33.003
Last modified: August 10, 2007
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