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Texas Finance Code - Section 66.311. Payment Of Nonclaiming Depositors And Creditors

Legal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Section 66.311. Payment Of Nonclaiming Depositors And Creditors

§ 66.311. PAYMENT OF NONCLAIMING DEPOSITORS AND 
CREDITORS.  (a) Except as provided by Subsection (b), the 
liquidating agent, on demand, shall pay a depositor or creditor of 
the association who does not make a claim under Section 66.305 any 
amount held by the liquidating agent for the benefit of the 
depositor or creditor.
	(b)  If the liquidating agent has a doubt about the identity 
of a claimant or the claimant's right to the money, the liquidating 
agent shall reject the claim and notify the claimant by registered 
mail.
	(c)  The liquidating agent's rejection of a claim becomes 
final if the claimant does not file suit against the liquidating 
agent to recover the money in a district court of Travis County 
within three months after the date on which the notice is mailed.
	(d)  A suit under Subsection (c) is an action in rem.  
Judgment is binding on all persons interested in the money.

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

Last modified: August 10, 2007