Texas Finance Code

§ 149.001 — APPLICABILITY OF CHAPTERS 3 AND 4, BUSINESS & COMMERCE CODE

FI § 149.001Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 149. MISCELLANEOUS PROVISIONS RELATING TO CREDIT UNIONS

Statute text

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(a)Chapters 3 and 4, Business & Commerce Code, determine the rights, responsibilities, and liabilities of a person regarding an item drawn on, transferred to, or presented, remitted, collected, settled, negotiated, or otherwise handled by a credit union as if the credit union were a bank, unless otherwise provided by written agreement of the parties.

(b)In this section:

(1)"Credit union" means a credit union authorized to do business in this state under this subtitle or the Federal Credit Union Act (12 U.S.C. Section 1751 et seq.).

(2)"Item":

(A)means an instrument, whether or not negotiable, for the payment of money; and

(B)does not include money.

Legislative history

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