Texas Finance Code
§ 93.009 — RIGHT TO ACT TO AVOID LOSS
FI § 93.009Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 93. GENERAL POWERS
Statute text
View on source(a)This subtitle does not deny a savings bank the right to invest its money, operate a business, manage or deal in property, or take other action during any period that is reasonably necessary to avoid loss on a loan or on an investment made or obligation created in good faith in the usual course of the bank's business, as authorized by this subtitle or a rule adopted under this subtitle.
(b)This subtitle does not prohibit a savings bank from:
(1)developing or building on land it has acquired under this section; or
(2)completing the construction of a building under a construction loan contract in which the borrower has not complied with the contract.
Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.