Texas Finance Code - Section 66.403. Enforceability Of Loan Promise Or Agreement Made By Association Before Conservatorship Or Supervisory Control
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§ 66.403. ENFORCEABILITY OF LOAN PROMISE OR AGREEMENT
MADE BY ASSOCIATION BEFORE CONSERVATORSHIP OR SUPERVISORY
CONTROL. If a promise or agreement to lend money is not otherwise
unenforceable under Chapter 26, Business & Commerce Code, and if
the promise or agreement is made by the association before the
association is placed under conservatorship or supervisory
control, the promise or agreement or a memorandum of the promise or
agreement is enforceable against the association only if the
promise or agreement or memorandum:
(1) is in writing and states the material terms of the
loan and the loan's repayment;
(2) is signed by an authorized officer or employee of
the association and the person to whom the promise or agreement was
made; and
(3) is approved by the association's board.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 66.352 66.353 66.354 66.355 66.356 66.401 66.402 66.403 67.001 67.002 67.003 67.004 67.101 67.201 67.202
Last modified: August 10, 2007
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