OFFICE OF THE AlTORNEY. GENERAL OF TEXAS AUSTIN 

## 705limrorableree B. @'ebb- Page 2



### thtWefOP6,themnt ai $OO@O.M)by the P. D. I. C. conpletely dlscha~ges its insurance liability. Vlth this, the tounty officials do not 

### agree.
*A list of all aooouuts 5nvolred Is attached hereto and mde a pwt hereof. The names of the several aecosnts are the ttameas appear on 

### t&ebankbooks andthe 

### reoords aitheC~u&yTrsaauver. Each OP these Docounts was arrrribdseparately, and on a separate sheet **by** thsbank, alsoby the respective County oftiolals. This list Indicates which aocouuts rere carried **by** 

### theChnty 

### Treqtrer, snd*blah were carried by the Tax AssessOr-COllectOr. 

### l DMs the

aumfq Inuty 8amnltlt

car- rle$ by the Qamty Treasuv'O.v, 0~ aavried by the 28x AssessOrZolleetor, hsld in tt’ust or Othemiws, enjOy sudi aatual separate owners&k+ as to entitle it to 

### separateSimarazmewaderthe terms 0f the P.D. I. Q. ActF
Some 

### the 8go the writer had secaslop to investS

### gatetheqtmstionpresented 

### ByJomrlettm, ant%atier date of lkr%h 20,~ZB22, as compel f0r t&e Paak%ug Co?miosfeuer, he advised t&at ~ffioe~ as POllorar

Wr. B&reary (fmmsr Btmldq Corntiseioner) bupzirsd of the Redkwal Depodt Insurance Corpemtien 

### asfollowst *VKndly inlorm us by return alrnuil the pmteetion af?OrdOd eauh polifieal subdivik&m aoe0unt POr 00gxt;ytnnds. Ror instame, we 

### area coppty depository faP Bell couwy, rexes, and rariotisroad districts and mmmm seh~oaldistriats in said county, aad it is our umderetzm%iq that each sepmate nnlt, seh001~dlstriet, or 

### roaddistrfet amount is ptwteetsd up to $6000.00.* @The IQeoutlve Assistant to the fZomptroller of Curmmey replied by wire, as follovs$mmwable Joe E. Vebb - Page SBouorahle doe E.

### Webb-l?a.ge 4

tiondlstriots sod the like are legal entitles eligible in all respects tohave and to Claim the proteotien of the iusuranoe given by the Federal Deposit Insurauce Corporation.

Vhere such legal entity **ans** a deposft aecmuut and the fact of ownership appears from the bauk*s books, there can be no doubt of its right to the Insurance thereof to themariraunamount of the inairidual aocouut.

hnother lustauce of such right, very closely ak3.uto, if not identloal nith the above, is the ease of an account by one depositor in trust for suother person or specific use.

The Cipcn.itCourt of **Appeals*** opluionabme cited dlseusses especially this latter @am? of the problem. This well-reasoned opinion sakes clear that f%u%b on deposits in banks, representlug a trust, held In **fact** or in lav for a definite purpose, snd uot rithin the general control of the deposifov, are deposits for the account of the cestui qne trustent amI not those of the actual depositor ,entltled ux&er the Federal Eeservt~Act to the insurance afforded **by** the Federal Deposit Iusuranae Corporation to the e amount for individual accounts.

The principles aunounaedinfhatdeoialon are oontrolllng of the questions propoun%ed by you. The essence of those principles is that the real ovuer of the account, whether it be a peliticel subd%visiou of the State or county, or abenefl&ary of a trust; aud where that ownership appears frem the bauk*s books, each such separate legal entity or trustee, as the ease my be, **iS** entitled **t0** the siaXix~?IXIimur~e **UpOn its**  or his account- These priuciples, vhen rightly applied, vi11 answer your inquiries above set forth. It would serve no useful purpose to elaborate upon suoh prinelpies to the point of cousldering the various respective funds listed and appended to your letter of Inquiry. As County Attorney you are quite familiar ulth these funds and their esaot status as to real ovnerehip, and are likewise capable ofdeterminlng each of them in the light of this opinion, especially the 

### cas5dyOpinion,SIonorablfs Joe 33.Webb - Page 19

wb.iahappears t0 be the latest eXpOSitiO?I Of the law upon this question.

WC have assumed, as stated by you in your letter, that *each of the accounts was carried seprately and on a sepsratc sheet by the bank."

Trusting that this sill hate answered your Inquiries satlsfsctorilg, re are

Yours very truly
ATL'LTOBlaY

GBmRAL OF 'IlmAs /e

APPROVEDI"EB15, 1940

ATTORNEY GENERAL OF TEXAS