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Texas Finance Code - Section 92.306. Property And Obligations Of Converted Institution

Legal Research Home > Texas Laws > Finance Code > Texas Finance Code - Section 92.306. Property And Obligations Of Converted Institution

§ 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 
converted;  and
		(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