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Texas Finance Code - FIN § 96.403. Enforceability of Loan Promise or Agreement Made by Savings Bank Before Conservatorship or Supervisory Control

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

If a promise or agreement to lend money is not otherwise unenforceable under Chapter 26, Business & Commerce Code, and if the promise or agreement is made by the savings bank before the savings bank is placed under conservatorship or supervisory control, the promise or agreement or a memorandum of the promise or agreement is enforceable against the savings bank only if the promise or agreement or memorandum:

(1) is in writing and states the material terms of the loan and the loan's repayment;

(2) is signed by an authorized officer or employee of the savings bank and the person to whom the promise or agreement was made;  and

(3) is approved by the savings bank's board of directors.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 96.403. Enforceability of Loan Promise or Agreement Made by Savings Bank Before Conservatorship or Supervisory Control - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-96-403/

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