Texas Finance Code - Section 36.108. Final Liquidation
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§ 36.108. FINAL LIQUIDATION. (a) After the bank has
taken all of the actions specified by Sections 36.102, 36.105, and
36.107, paid all its debts and obligations, and transferred all
property for which a legal claimant has been found after the time
for presentation of claims has expired, the bank shall make a list
from its books of the names of each depositor, creditor, owner of
personal property in the bank's possession or custody, or lessee of
any safe, vault, or box, who has not claimed or has not received a
deposit, debt, dividend, interest, balance, or other amount or
property due to the person. The list must be sworn to or affirmed by
a majority of the bank's board or managing participants.
(b) The bank shall:
(1) file the list and any necessary identifying
information with the banking commissioner;
(2) pay any unclaimed money and deliver any unclaimed
property to the comptroller as provided by Chapter 74, Property
Code; and
(3) certify to the banking commissioner that the
unclaimed money has been paid and unclaimed property has been
delivered to the comptroller.
(c) After the banking commissioner has reviewed the list and
has reconciled the unclaimed cash and property with the amounts of
money and property reported and transferred to the comptroller, the
banking commissioner shall allow the bank to distribute the bank's
remaining assets, if any, among its shareholders, participants, or
participant-transferees as their ownership interests appear.
(d) After distribution of all remaining assets under
Subsection (c), the bank shall file with the department:
(1) an affidavit and schedules, sworn to or affirmed
by a majority of the bank's board or managing participants, showing
the distribution to each shareholder, participant, or
participant-transferee;
(2) all copies of reports of examination of the bank in
its possession; and
(3) its original charter or an affidavit stating that
the original charter is lost.
(e) After verifying the submitted information and
documents, the banking commissioner shall issue a certificate
canceling the charter of the bank.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.101 36.102 36.103 36.104 36.105 36.106 36.107 36.108 36.109 36.110 36.111 36.112 36.201 36.202 36.203
Last modified: August 10, 2007
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