Sec. 2116.001. DEFINITIONS. In this chapter:
(1) "Administrator" means the bullion depository administrator appointed under Section 2116.003.
(2) "Bullion" means precious metals that are formed into uniform shapes and quantities such as ingots, bars, or plates, with uniform content and purity, as are suitable for or customarily used in the purchase, sale, storage, transfer, and delivery of bulk or wholesale transactions in precious metals.
(3) "Business day" means a day other than a Saturday, Sunday, or banking holiday for a bank chartered under the laws of this state.
(4) "Deposit" means the establishment of an executory obligation of the depository to deliver to the order of the person establishing with the depository the obligation, on demand, a quantity of a specified precious metal, in bullion, specie, or a combination of bullion and specie, equal to the quantity of the same precious metal delivered by or on behalf of the depositor into the custody of:
(A) the depository; or
(B) a depository agent.
(5) "Depositor" means a person who makes a deposit.
(6) "Depository" means the Texas Bullion Depository created by this chapter.
(7) "Depository account" means the rights, interests, and entitlements established in favor of a depositor with respect to a deposit in accordance with this chapter and rules adopted under this chapter.
(8) "Depository account holder," regarding a depository account, means the original depositor or a successor or assignee of the depositor respecting the depository account.
(9) "Depository agent" means a person licensed in accordance with this chapter to serve as an intermediary between the depository and a retail customer in making a transaction in precious metals bullion or specie.
(10) "Precious metal" means a metal, including gold, silver, platinum, palladium, and rhodium, that:
(A) bears a high value-to-weight ratio relative to common industrial metals; and
(B) customarily is formed into bullion or specie.
(11) "Specie" means a precious metal stamped into coins of uniform shape, size, design, content, and purity, suitable for or customarily used as currency, as a medium of exchange, or as the medium for purchase, sale, storage, transfer, or delivery of precious metals in retail or wholesale transactions.
Added by Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483), Sec. 1, eff. June 19, 2015.
Section: 2116.001 2116.002 2116.003 2116.004 2116.005 2116.006 2116.007 2116.008 2116.009 2116.010 2116.011 2116.012 2116.013 2116.014 2116.015 NextLast modified: September 28, 2016