Texas Finance Code - FIN § 95.010. Account as Legal Investment
Current as of April 14, 2021 | Updated by FindLaw Staff
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(a) Each of the following persons may invest money held by the person in a deposit account of a savings bank doing business in this state:
(1) any fiduciary, including an administrator, executor, guardian, or trustee;
(2) a political subdivision or instrumentality of this state;
(3) a business or nonprofit corporation;
(4) a charitable or educational corporation or association; and
(5) a financial institution, including a bank, savings and loan association, or credit union.
(b) An investment by an insurance company in a deposit account is eligible for tax reducing purposes under Chapters 221 and 222, Insurance Code.
(c) An investment by a school district in a deposit account insured by the Federal Deposit Insurance Corporation meets the requirements of Sections 45.102 and 45.208, Education Code.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 95.010. Account as Legal Investment - last updated April 14, 2021 | https://codes.findlaw.com/tx/finance-code/fin-sect-95-010.html
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