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) At the request of a state bank that is experiencing or threatened with unusual and excessive withdrawals because of financial conditions, panic, or crisis, the banking commissioner, to prevent unnecessary loss to or preference among the depositors and creditors of the bank and to preserve the financial structure of the bank and its usefulness to the community, may issue an order limiting the right of withdrawal by or payment to depositors, creditors, and other persons to whom the bank is liable.
(b) The order:
(1) must expire not later than the 10th day after the date it is issued;
(2) must be uniform in application to each class of liability; and
(3) is not subject to judicial review.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 37.005. Limitations on Withdrawals from State Bank - last updated April 14, 2021 | https://codes.findlaw.com/tx/finance-code/fin-sect-37-005/
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.