Tex. Finance Code § 182.403
This is the official text of Tex. Finance Code § 182.403, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 182.403. LIQUIDATION OF SELLING INSTITUTION.
Official statutory 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.
Status: in_force · Read it on the official government site
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