Texas Finance Code - Section 36.209. Depositories
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§ 36.209. DEPOSITORIES. (a) The receiver may deposit
money collected on behalf of the bank estate in:
(1) the Texas Treasury Safekeeping Trust Company in
accordance with procedures established by the comptroller; or
(2) one or more state banks in this state, the deposits
of which are insured by the Federal Deposit Insurance Corporation
or its successor, if the receiver, using sound financial judgment,
determines that it would be advantageous to do so.
(b) If receivership money deposited in an account at a state
bank exceeds the maximum insured amount, the receiver shall require
the excess deposit to be adequately secured through a pledge of
securities or otherwise, without approval of the court. The
depository bank may secure the deposits of the bank in liquidation
on behalf of the receiver, notwithstanding any other provision of
Chapter 11 or 12 or this subtitle.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.202 36.203 36.204 36.205 36.206 36.207 36.208 36.209 36.210 36.211 36.212 36.213 36.214 36.215 36.216
Last modified: August 10, 2007
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