Texas Finance Code - Section 36.003. Federal Deposit Insurance Corporation As Liquidator
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Texas Lawyer > Finance Code > Texas Finance Code - Section 36.003. Federal Deposit Insurance Corporation As Liquidator
§ 36.003. FEDERAL DEPOSIT INSURANCE CORPORATION AS
LIQUIDATOR. (a) The banking commissioner without court action may
tender a state bank that has been closed for liquidation to the
Federal Deposit Insurance Corporation or its successor as receiver
and liquidating agent if the deposits of the bank were insured by
the Federal Deposit Insurance Corporation or its successor on the
date of closing.
(b) After acceptance of tender of the bank, the Federal
Deposit Insurance Corporation or its successor shall perform the
acts and duties as receiver of the bank that it considers necessary
or desirable and that are permitted or required by federal law or
this chapter.
(c) If the Federal Deposit Insurance Corporation or its
successor refuses to accept tender of the bank, the banking
commissioner shall act as receiver.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 35.209 35.210 35.211 35.212 35.213 36.001 36.002 36.003 36.004 36.005 36.101 36.102 36.103 36.104 36.105
Last modified: August 10, 2007
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