Texas Finance Code

§ 36.205 — NOTICE OF BANK CLOSING

FI § 36.205Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 36. 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 bank's home office or a branch is located. The notice must state that:

(1)the bank has been closed for liquidation;

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

(3)all safe deposit box holders and bailors of property left with the bank 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

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