Texas Finance Code - Section 36.202. Notice And Effect Of Closure; Appointment Of Receiver
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Texas Lawyer > Finance Code > Texas Finance Code - Section 36.202. Notice And Effect Of Closure; Appointment Of Receiver
§ 36.202. NOTICE AND EFFECT OF CLOSURE; APPOINTMENT OF
RECEIVER. (a) After closing a state bank under Section 36.201, the
banking commissioner shall place a sign at its main entrance
stating that the bank has been closed and the findings on which the
closing of the bank is based. A correspondent bank of the closed
bank may not pay an item drawn on the account of the closed bank that
is presented for payment after the correspondent has received
actual notice of closing unless it previously certified the item
for payment.
(b) As soon as practicable after posting the sign at the
bank's main entrance, the banking commissioner shall tender the
bank to the Federal Deposit Insurance Corporation as provided by
Section 36.003 or initiate a receivership proceeding by filing a
copy of the notice contained on the sign in a district court in the
county where the bank's home office is located. The court in which
the notice is filed shall docket it as a case styled, "In re
liquidation of ____" (inserting the name of the bank). When this
notice is filed, the court has constructive custody of all the
bank's assets and any action that seeks to directly or indirectly
affect bank assets is considered an intervention in the
receivership proceeding and is subject to this subchapter and
Subchapter D.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.107 36.108 36.109 36.110 36.111 36.112 36.201 36.202 36.203 36.204 36.205 36.206 36.207 36.208 36.209
Last modified: August 10, 2007
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