Current as of April 14, 2021 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a) After the state trust company has taken all of the actions specified by Sections 186.102, 186.104, 186.105, and 186.107, paid all its debts and obligations, and transferred all property for which a legal claimant has been found after the time for presentation of claims has expired, the state trust company shall make a list from its books of the names of each depositor, creditor, owner of personal property in the state trust company's possession or custody, or lessee of any safe, vault, or box, who has not claimed or has not received a deposit, debt, dividend, interest, balance, or other amount or property due to the person. The list must be sworn to or affirmed by a majority of the board or managing participants of the state trust company.
(b) The state trust company shall:
(1) file the list and any necessary identifying information with the banking commissioner;
(2) pay any unclaimed money and deliver any unclaimed property to the comptroller as provided by Chapter 74, Property Code; and
(3) certify to the banking commissioner that the unclaimed money has been paid and unclaimed property has been delivered to the comptroller.
(c) After the banking commissioner has reviewed the list and has reconciled the unclaimed cash and property with the amounts of money and property reported and transferred to the comptroller, the banking commissioner shall allow the state trust company to distribute the state trust company's remaining assets, if any, among its shareholders, participants, or participant-transferees as their ownership interests appear.
(d) After distribution of all remaining assets under Subsection (c), the state trust company shall file with the department:
(1) an affidavit and schedules sworn to or affirmed by a majority of the board or managing participants, showing the distribution to each shareholder, participant, or participant-transferee;
(2) all copies of reports of examination of the state trust company in its possession;
(3) its original charter or an affidavit stating that the original charter is lost; and
(4) any certificates of authority for additional trust offices.
(e) After verifying the submitted information and documents, the banking commissioner shall issue a certificate canceling the charter of the state trust company.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 186.108. Final Liquidation - last updated April 14, 2021 | https://codes.findlaw.com/tx/finance-code/fin-sect-186-108/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.