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Texas Finance Code - FIN § 186.209. Depositories

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The receiver may deposit money collected on behalf of the state trust company estate in:

(1) the Texas Treasury Safekeeping Trust Company in accordance with procedures established by the comptroller;  or

(2) one or more depository institutions in this state, the deposits of which are insured by the Federal Deposit Insurance Corporation or its successor, if the receiver, using sound financial judgment, determines that it would be advantageous to do so.

(b) If receivership money deposited in an account at a state bank exceeds the maximum insured amount, the receiver shall require the excess deposit to be adequately secured through pledge of securities or otherwise, without approval of the court.  The depository bank may secure the deposits of the state trust company in liquidation on behalf of the receiver, notwithstanding any other provision of this subtitle.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 186.209. Depositories - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-186-209/

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