Texas Finance Code - Section 92.306. Property And Obligations Of Converted Institution
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Texas Laws > Finance Code > Texas Finance Code - Section 92.306. Property And Obligations Of Converted Institution
Section: 92.258 92.259 92.301 92.302 92.303 92.304 92.305 92.306 92.307 92.308 92.351 92.352 92.353 92.354 92.355
§ 92.306. PROPERTY AND OBLIGATIONS OF CONVERTED
INSTITUTION. (a) The property of another financial institution
that converts to a savings bank vests in the savings bank.
(b) The savings bank:
(1) holds the property in its own right to the extent
the property was held by the financial institution that was
(2) on the date the conversion takes effect, succeeds
to the rights, obligations, and relations of the financial
institution that was converted.
(c) In this section, the property of a financial institution
includes each right, title, or interest of the institution in and to
property, including things in action, and each right, privilege,
interest, or asset of the institution that exists or that inures to
the benefit of the institution.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Last modified: August 11, 2007