Texas Finance Code

§ 186.205 — NOTICE OF STATE TRUST COMPANY CLOSING

FI § 186.205Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 186. DISSOLUTION AND RECEIVERSHIP · Art. C. INVOLUNTARY DISSOLUTION AND LIQUIDATION

Statute text

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(a)As soon as reasonably practicable after initiation of the receivership proceeding, the receiver shall publish notice, in a newspaper of general circulation in each community where the state trust company's home office or any additional trust office is located. The notice must state that:

(1)the state trust company has been closed for liquidation;

(2)clients and creditors must present their claims for payment on or before a specific date; and

(3)all safe deposit box holders and bailors of property left with the state trust company should remove their property not later than a specified date.

(b)A date that the receiver selects under Subsection (a):

(1)may not be earlier than the 121st day after the date of the notice; and

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Legislative history

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 6.022(a), eff. Sept. 1, 2001.