Texas Finance Code

§ 36.003 — FEDERAL DEPOSIT INSURANCE CORPORATION AS LIQUIDATOR

FI § 36.003Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 36. DISSOLUTION AND RECEIVERSHIP · Art. A. GENERAL PROVISIONS

Statute text

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(a)The banking commissioner without court action may tender a state bank that has been closed for liquidation to the Federal Deposit Insurance Corporation or its successor as receiver and liquidating agent if the deposits of the bank were insured by the Federal Deposit Insurance Corporation or its successor on the date of closing.

(b)After acceptance of tender of the bank, the Federal Deposit Insurance Corporation or its successor shall perform the acts and duties as receiver of the bank that it considers necessary or desirable and that are permitted or required by federal law or this chapter.

(c)If the Federal Deposit Insurance Corporation or its successor refuses to accept tender of the bank, the banking commissioner shall act as receiver.

Legislative history

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