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Texas Local Government Code

§ 116.154 — LIABILITY OF DEPOSITORY PENDING COLLECTION OF DEPOSITS

LG § 116.154Title 4. FINANCES · Part B. COUNTY FINANCES · Ch. 116. DEPOSITORIES FOR COUNTY PUBLIC FUNDS · Art. F. LIABILITIES

Statute text

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A county depository that uses due diligence to collect a check, draft, or demand for money deposited by the county with the depository is not liable for the collection until the proceeds have been received by the depository. The depository shall charge the county and the county shall pay a collection expense that the depository may not pay or absorb because of a federal law or a regulation adopted by the board of governors of the Federal Reserve System or by the board of directors of the Federal Deposit Insurance Corporation.

Legislative history

Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.

Source: Texas Local Government Code § 116.154 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.