Tex. Finance Code § 182.403
LIQUIDATION OF SELLING INSTITUTION
Texas · Texas Finance Code · Status: effective
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- Citation
- Tex. Finance Code § 182.403, LIQUIDATION OF SELLING INSTITUTION, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/646601
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Full text
If the selling institution is at any time after the sale of assets voluntarily or involuntarily closed for liquidation by a state or federal regulatory agency, the purchasing state trust company shall pay to the receiver of the selling institution the balance of the money held by it in trust for the selling institution and not yet paid to the creditors of the selling institution. Without further action the purchasing state trust company is discharged of all responsibilities to the selling institution, its receiver, or its creditors, shareholders, participants, or participant-transferees.