Tex. Finance Code § 96.403
This is the official text of Tex. Finance Code § 96.403, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 96.403. ENFORCEABILITY OF LOAN PROMISE OR AGREEMENT MADE BY SAVINGS BANK BEFORE CONSERVATORSHIP OR SUPERVISORY CONTROL.
Official statutory text
If a promise or agreement to lend money is not otherwise unenforceable under Chapter 26, Business & Commerce Code, and if the promise or agreement is made by the savings bank before the savings bank is placed under conservatorship or supervisory control, the promise or agreement or a memorandum of the promise or agreement is enforceable against the savings bank only if the promise or agreement or memorandum:
(1) is in writing and states the material terms of the loan and the loan's repayment;
(2) is signed by an authorized officer or employee of the savings bank and the person to whom the promise or agreement was made; and
(3) is approved by the savings bank's board of directors.
(1) is in writing and states the material terms of the loan and the loan's repayment;
(2) is signed by an authorized officer or employee of the savings bank and the person to whom the promise or agreement was made; and
(3) is approved by the savings bank's board of directors.
Status: in_force · Read it on the official government site
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