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Texas Local Government Code - LOC GOV'T § 116.001. Definitions

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

In this chapter:

(1) “Bank” means a:

(A) bank organized under the laws of this state, another state, or federal law that has its main office or a branch office in this state; or

(B) savings and loan association or savings bank organized under the laws of this state, another state, or federal law that has its main office or a branch office in this state.

(2) “Demand deposit” means a deposit of funds that may be withdrawn on the demand of the depositor.

(3) “Time deposit” means a deposit of funds subject to a contract between the depositor and the depository under which the depositor may not withdraw any of the funds by check or by another manner until the expiration of a certain period following written notice of the depositor's intent to withdraw the funds.

(4) “Subdepository bank” means an authorized bank, other than a depository, that holds demand deposits, not exceeding the Federal Deposit Insurance Corporation's limit, of a district, county, or precinct officer.

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Cite this article: FindLaw.com - Texas Local Government Code - LOC GOV'T § 116.001. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/tx/local-government-code/loc-gov-t-sect-116-001/

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