Tex. Finance Code § 66.311
PAYMENT OF NONCLAIMING DEPOSITORS AND CREDITORS
Texas · Texas Finance Code · Status: effective
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- Citation
- Tex. Finance Code § 66.311, PAYMENT OF NONCLAIMING DEPOSITORS AND CREDITORS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/645504
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Full text
(a) Except as provided by Subsection (b), the liquidating agent, on demand, shall pay a depositor or creditor of the association who does not make a claim under Section 66.305 any amount held by the liquidating agent for the benefit of the depositor or creditor.
(b) If the liquidating agent has a doubt about the identity of a claimant or the claimant's right to the money, the liquidating agent shall reject the claim and notify the claimant by registered mail.
(c) The liquidating agent's rejection of a claim becomes final if the claimant does not file suit against the liquidating agent to recover the money in a district court of Travis County within three months after the date on which the notice is mailed.
(d) A suit under Subsection (c) is an action in rem. Judgment is binding on all persons interested in the money.