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Texas Finance Code - Section 36.104. Notice Of Pending Dissolution

Legal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Section 36.104. Notice Of Pending Dissolution

§ 36.104. NOTICE OF PENDING DISSOLUTION.  (a) A state 
bank initiating voluntary dissolution shall publish notice of its 
pending dissolution in a newspaper of general circulation in each 
community where its home office or a branch is located:
		(1)  at least once each week for eight consecutive 
weeks;  or               
		(2)  at other times specified by the banking 
commissioner or rules adopted under this subtitle.
	(b)  The notice must:                                                          
		(1)  be in the form and include the information 
required by the banking commissioner;  and
		(2)  state that:                                                              
			(A)  the bank is liquidating;                                                
			(B)  depositors and creditors must present their 
claims for payment on or before a specified date;  and
			(C)  all safe deposit box holders and bailors of 
property left with the bank should remove their property on or 
before a specified date.
	(c)  The dates selected by the bank under Subsection (b) 
must:               
		(1)  be approved by the banking commissioner;  and                            
		(2)  allow:                                                                   
			(A)  the affairs of the bank to be wound up as 
quickly as feasible;  and   
			(B)  creditors, depositors, and owners of 
property adequate time for presentation of claims, withdrawal of 
accounts, and redemption of property.
	(d)  The banking commissioner may adjust the dates under 
Subsection (b) with or without republication of notice if 
additional time appears needed for the activities to which the 
dates pertain.
	(e)  At the time of or promptly after publication of the 
notice, the bank shall mail to each of the bank's known depositors, 
creditors, safe deposit box holders, and bailors of property left 
with the bank, at the mailing address shown on the bank's records, 
an individual notice containing:
		(1)  the information required in a notice under 
Subsection (b);  and        
		(2)  specific information pertinent to the account or 
property of the addressee.

Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.                   

Last modified: August 10, 2007