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Texas Finance Code - FIN § 36.104. Notice of Pending Dissolution

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

(a) A state bank initiating voluntary dissolution shall publish notice of its pending dissolution in a newspaper of general circulation in each community where its home office or a branch is located:

(1) at least once each week for eight consecutive weeks;  or

(2) at other times specified by the banking commissioner or rules adopted under this subtitle.

(b) The notice must:

(1) be in the form and include the information required by the banking commissioner;  and

(2) state that:

(A) the bank is liquidating;

(B) depositors and creditors must present their claims for payment on or before a specified date;  and

(C) all safe deposit box holders and bailors of property left with the bank should remove their property on or before a specified date.

(c) The dates selected by the bank under Subsection (b) must:

(1) be approved by the banking commissioner;  and

(2) allow:

(A) the affairs of the bank to be wound up as quickly as feasible;  and

(B) creditors, depositors, and owners of property adequate time for presentation of claims, withdrawal of accounts, and redemption of property.

(d) The banking commissioner may adjust the dates under Subsection (b) with or without republication of notice if additional time appears needed for the activities to which the dates pertain.

(e) At the time of or promptly after publication of the notice, the bank shall mail to each of the bank's known depositors, creditors, safe deposit box holders, and bailors of property left with the bank, at the mailing address shown on the bank's records, an individual notice containing:

(1) the information required in a notice under Subsection (b);  and

(2) specific information pertinent to the account or property of the addressee.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 36.104. Notice of Pending Dissolution - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-36-104/

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