Texas Finance Code - Section 36.306. Set-Off
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§ 36.306. SET-OFF. (a) Mutual credits and mutual debts
shall be set off and only the balance allowed or paid, except that a
set-off may not be allowed in favor of a person if:
(1) the obligation of the bank to the person on the
date the bank was closed for liquidation did not entitle the person
to share as a claimant in the assets of the bank;
(2) the obligation of the bank to the person was
purchased by or transferred to the person after the date the bank
was closed for liquidation or for the purpose of increasing set-off
rights; or
(3) the obligation of the person or the bank is as a
trustee or fiduciary.
(b) On request, the receiver shall provide a person with an
accounting statement identifying each debt that is due and payable.
A person who owes the bank an amount that is due and payable against
which the person asserts a set-off of mutual credits that may become
due and payable from the bank in the future shall promptly pay to
the receiver the amount due and payable. The receiver shall
promptly refund, to the extent of the person's prior payment,
mutual credits that become due and payable to the person by the bank
in liquidation.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.226 36.227 36.301 36.302 36.303 36.304 36.305 36.306 36.307 36.308 36.309 36.310 36.311 36.312 36.313
Last modified: August 10, 2007
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