Tex. Local Government Code § 116.0565
CERTIFICATE OF DEPOSIT
Texas · Texas Local Government Code · Status: effective
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- Citation
- Tex. Local Government Code § 116.0565, CERTIFICATE OF DEPOSIT, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/689254
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Full text
(a) A certificate of deposit qualifies as security under this subchapter if the certificate is:
(1) held in the custody of a Federal Reserve Bank for safekeeping and made the subject of a valid pledge agreement designating the county as the beneficiary of the pledge agreement;
(2) insured in full by the Federal Savings and Loan Insurance Corporation or the Federal Deposit Insurance Corporation;
(3) described in detail by a safekeeping receipt issued to the county by the Federal Reserve Bank having custody of the certificates; and
(4) issued with the county as registered owner.
(b) A person to whom presentment of a certificate of deposit pledged to secure county funds is made may not pay or otherwise accept the certificate unless the certificate or the safekeeping receipt required by this section has been endorsed by the county and the depository.