Texas Finance Code

§ 125.511 — AUCTION OF CONTENTS

FI § 125.511Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 125. CREDIT UNION ACCOUNTS AND SERVICES · Art. F. SAFE DEPOSIT BOXES

Statute text

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(a)If the rental, cost, and damages determined under Section 125.510(d) are not paid before the second anniversary of the date on which the box is opened, the credit union may:

(1)sell all or part of the contents at a public auction in the manner and on the notice prescribed for the sale of real property under deed of trust under Section 51.002, Property Code; and

(2)apply the sale proceeds to the rental, cost, and damages.

(b)The credit union shall send to the comptroller as provided by Chapter 74, Property Code:

(1)the unauctioned contents of a box; and

(2)any excess proceeds from the auction.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.