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Texas Finance Code - Section 36.205. Notice Of Bank Closing

Legal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Section 36.205. Notice Of Bank Closing

§ 36.205. NOTICE OF BANK CLOSING.  (a) As soon as 
reasonably practicable after initiation of the receivership 
proceeding, the receiver shall publish notice in a newspaper of 
general circulation in each community where the bank's home office 
or a branch is located.  The notice must state that:
		(1)  the bank has been closed for liquidation;                                
		(2)  depositors and creditors must present their claims 
for payment on or before a specified date;  and
		(3)  all safe deposit box holders and bailors of 
property left with the bank should remove their property not later 
than a specified date.
	(b)  A date that the receiver selects under Subsection (a):                    
		(1)  may not be earlier than the 121st day after the 
date of the notice;  and
		(2)  must 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.
	(c)  The receiver may adjust the dates under Subsection (a) 
with the approval of the court and with or without republication of 
notice if additional time appears needed for those activities.
	(d)  As soon as reasonably practicable given the state of 
bank records and the adequacy of staffing, the receiver 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 the information required in a notice under Subsection 
(a) and specific information pertinent to the account or property 
of the addressee.
	(e)  The receiver may determine the form and content of 
notices under this section.

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

Last modified: August 10, 2007