Texas Finance Code

§ 186.226 — RESUMPTION OF BUSINESS

FI § 186.226Title 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)A state trust company closed under Section 186.201 may not be reopened without the approval of the banking commissioner unless a contest of liquidation under Section 186.204 is finally resolved adversely to the banking commissioner and the court authorizes its reopening.

(b)The banking commissioner may place temporary limits on the right of withdrawals by, or payments to, individual clients and creditors of a state trust company reopened under this section, in accordance with applicable law.

(c)As a depositor or creditor of a reopened state trust company, this state or a political subdivision of this state may agree to temporary limits that the banking commissioner places on payments or withdrawals.

Legislative history

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.