Sec. 116.001. DEFINITIONS. In this chapter:
(1) "Bank" means a:
(A) bank organized under the laws of this state, another state, or federal law that has its main office or a branch office in this state; or
(B) savings and loan association or savings bank organized under the laws of this state, another state, or federal law that has its main office or a branch office in this state.
(2) "Demand deposit" means a deposit of funds that may be withdrawn on the demand of the depositor.
(3) "Time deposit" means a deposit of funds subject to a contract between the depositor and the depository under which the depositor may not withdraw any of the funds by check or by another manner until the expiration of a certain period following written notice of the depositor's intent to withdraw the funds.
(4) "Subdepository bank" means an authorized bank, other than a depository, that holds demand deposits, not exceeding the Federal Deposit Insurance Corporation's limit, of a district, county, or precinct officer.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1991, 72nd Leg., ch. 527, Sec. 1, eff. Sept. 1, 1991; Acts 1993, 73rd Leg., ch. 234, Sec. 4, eff. Sept. 1, 1993; Acts 1999, 76th Leg., ch. 344, Sec. 5.009, eff. Sept. 1, 1999.
Section: 116.001 116.002 116.021 116.022 116.023 116.024 116.025 116.026 116.027 116.051 116.052 116.053 116.054 116.055 116.056 NextLast modified: September 28, 2016