reglab/housing_qa huggingface dataset:
TX Fin Code § 186.104 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter B. Voluntary Dissolution|Section 186.104. Notice of Pending Dissolution

Sec. 186.104.  NOTICE OF PENDING DISSOLUTION.  (a)  A state trust company shall publish notice of its pending dissolution in a newspaper of general circulation in each community where its home office or an additional trust office is located:(1)  at least once each week for eight consecutive weeks;  or(2)  at other times specified by the banking commissioner or rules adopted under this subtitle.(b)  The notice must:(1)  be in the form and include the information required by the banking commissioner;  and(2)  state that:(A)  the state trust company is liquidating;(B)  clients, depositors, and creditors must present their claims for payment on or before a specific date;  and(C)  all safe deposit box holders and bailors of property left with the state trust company should remove their property on or before a specified date.(c)  The dates selected by the state trust company under Subsection (b) must:(1)  be approved by the banking commissioner;(2)  allow the affairs of the state trust company to be wound up as quickly as feasible;  and(3)  allow creditors, clients, and owners of property adequate time for presentation of claims, withdrawal of accounts, and redemption of property.(d)  The banking commissioner may adjust the dates under Subsection (b) with or without republication of notice if additional time appears needed for the activities to which the dates pertain.(e)  At the time of or promptly after publication of the notice, the state trust company shall mail to each of the state trust company's known clients, depositors, creditors, safe deposit box holders, and bailors of property left with the state trust company, at the mailing address shown on the state trust company's records, an individual notice containing:(1)  the information required in a notice under Subsection (b);  and(2)  specific information pertinent to the account or property of the addressee.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 6.019(a), eff. Sept. 1, 2001.|
TX Fin Code § 186.105 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter B. Voluntary Dissolution|Section 186.105. Safe Deposits and Other Bailments

Sec. 186.105.  SAFE DEPOSITS AND OTHER BAILMENTS.  (a)  A contract between the state trust company and a person for bailment, of deposit for hire, or for the lease of a safe, vault, or box, ceases on the date specified in the notice as the date for removal of property or a later date approved by the banking commissioner.  A person who has paid rental or storage charges for a period extending beyond the date designated for removal of property has an unsecured claim against the state trust company for a refund of the unearned amount paid.(b)  If the property is not removed by the date the contract ceases, an officer of the state trust company shall inventory the property.  In making the inventory, the officer may open a safe, vault, box, package, parcel, or receptacle in the custody or possession of the state trust company.  The inventory must be made in the presence of a notary public who is not an officer or employee of the state trust company and who is bonded in an amount and by sureties approved by the banking commissioner.  The property shall be marked to identify, to the extent possible, its owner or the person who left it with the state trust company.(c)  After all property belonging to others that is in the state trust company's custody and control has been inventoried, a master list certified by the state trust company officer and the notary public shall be furnished to the banking commissioner.  The master list shall be kept in a place and dealt with in a manner the banking commissioner specifies pending delivery of the property to its owner or to the comptroller as unclaimed property.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.106 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter B. Voluntary Dissolution|Section 186.106. Offices to Remain Open

Sec. 186.106.  OFFICES TO REMAIN OPEN.  Unless the banking commissioner directs or consents otherwise, the home office and all additional trust offices of a state trust company initiating voluntary dissolution shall remain open for business during normal business hours until the last date specified in published notices for presentation of claims, withdrawal of accounts, and redemption of property.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 6.020(a), eff. Sept. 1, 2001.|
TX Fin Code § 186.107 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter B. Voluntary Dissolution|Section 186.107. Fiduciary Activities

Sec. 186.107.  FIDUCIARY ACTIVITIES.  (a)  As soon as practicable after publication of the notice of dissolution, the state trust company shall:(1)  terminate all fiduciary positions it holds;(2)  surrender all property held by it as a fiduciary;  and(3)  settle its fiduciary accounts.(b)  Unless all fiduciary accounts are settled and transferred by the last date specified in published notices or by the banking commissioner and unless the banking commissioner directs otherwise, the state trust company shall mail a notice to each trustor and beneficiary of any remaining trust, escrow arrangement, or other fiduciary relationship.  The notice must state:(1)  the location of an office open during normal business hours where administration of the remaining fiduciary accounts will continue until settled or transferred;  and(2)  a telephone number at that office.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.108 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter B. Voluntary Dissolution|Section 186.108. Final Liquidation

Sec. 186.108.  FINAL LIQUIDATION.  (a)  After the state trust company has taken all of the actions specified by Sections 186.102, 186.104, 186.105, and 186.107, paid all its debts and obligations, and transferred all property for which a legal claimant has been found after the time for presentation of claims has expired, the state trust company shall make a list from its books of the names of each depositor, creditor, owner of personal property in the state trust company's possession or custody, or lessee of any safe, vault, or box, who has not claimed or has not received a deposit, debt, dividend, interest, balance, or other amount or property due to the person.  The list must be sworn to or affirmed by a majority of the board or managing participants of the state trust company.(b)  The state trust company shall:(1)  file the list and any necessary identifying information with the banking commissioner;(2)  pay any unclaimed money and deliver any unclaimed property to the comptroller as provided by Chapter 74, Property Code;  and(3)  certify to the banking commissioner that the unclaimed money has been paid and unclaimed property has been delivered to the comptroller.(c)  After the banking commissioner has reviewed the list and has reconciled the unclaimed cash and property with the amounts of money and property reported and transferred to the comptroller, the banking commissioner shall allow the state trust company to distribute the state trust company's remaining assets, if any, among its shareholders, participants, or participant-transferees as their ownership interests appear.(d)  After distribution of all remaining assets under Subsection (c), the state trust company shall file with the department:(1)  an affidavit and schedules sworn to or affirmed by a majority of the board or managing participants, showing the distribution to each shareholder, participant, or participant-transferee;(2)  all copies of reports of examination of the state trust company in its possession;(3)  its original charter or an affidavit stating that the original charter is lost;  and(4)  any certificates of authority for additional trust offices.(e)  After verifying the submitted information and documents, the banking commissioner shall issue a certificate canceling the charter of the state trust company.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 6.021(a), eff. Sept. 1, 2001.|
TX Fin Code § 186.109 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter B. Voluntary Dissolution|Section 186.109. Application of Law to State Trust Company in Dissolution

Sec. 186.109.  APPLICATION OF LAW TO STATE TRUST COMPANY IN DISSOLUTION.  A state trust company in the process of voluntary dissolution and liquidation remains subject to this subtitle, including provisions for examination by the banking commissioner, and the state trust company shall furnish reports required by the banking commissioner.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.110 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter B. Voluntary Dissolution|Section 186.110. Authorization of Deviation From Procedures

Sec. 186.110.  AUTHORIZATION OF DEVIATION FROM PROCEDURES.  The banking commissioner may authorize a deviation from the procedures for voluntary dissolution provided by this subchapter if the banking commissioner determines that the interests of claimants are not jeopardized by the deviation.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.111 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter B. Voluntary Dissolution|Section 186.111. Closure by Banking Commissioner for Involuntary Dissolution and Liquidation

Sec. 186.111.  CLOSURE BY BANKING COMMISSIONER FOR INVOLUNTARY DISSOLUTION AND LIQUIDATION.  The banking commissioner may close the state trust company for involuntary dissolution and liquidation under this chapter if the banking commissioner determines that:(1)  the voluntary liquidation is:(A)  being conducted in an improper or illegal manner;  or(B)  not in the best interests of the state trust company's clients and creditors;  or(2)  the state trust company is insolvent or imminently insolvent.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.112 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter B. Voluntary Dissolution|Section 186.112. Application for New Charter

Sec. 186.112.  APPLICATION FOR NEW CHARTER.  After a state trust company's charter has been voluntarily surrendered and canceled, the state trust company may not resume business or reopen except on application for and approval of a new charter.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.201 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter C. Involuntary Dissolution and Liquidation|Section 186.201. Action to Close State Trust Company

Sec. 186.201.  ACTION TO CLOSE STATE TRUST COMPANY.  (a)  The banking commissioner may by written order close and liquidate a state trust company on finding that:(1)  the interests of its clients and creditors are jeopardized by the state trust company's insolvency or imminent insolvency;  and(2)  the best interests of clients and creditors would be served by requiring that the state trust company be closed and its assets liquidated.(b)  A majority of the state trust company's directors, managers, or managing participants may voluntarily close the state trust company and place it with the banking commissioner for liquidation.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 412, Sec. 3.12, eff. Sept. 1, 2001.|
TX Fin Code § 186.202 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter C. Involuntary Dissolution and Liquidation|Section 186.202. Notice and Effect of Closure; Appointment of Receiver

Sec. 186.202.  NOTICE AND EFFECT OF CLOSURE;  APPOINTMENT OF RECEIVER.  (a)  After closing a state trust company under Section 186.201, the banking commissioner shall attach to or otherwise display at its main entrance a copy of the written closing order issued under Section 186.201(a) and containing the findings on which the closing of the state trust company is based.  A correspondent bank of the closed state trust company may not pay an item drawn on the account of the closed state trust company that is presented for payment after the correspondent has received actual notice of closing unless it previously certified the item for payment.(b)  As soon as practicable after posting the closing order at the state trust company's main entrance, the banking commissioner shall tender the state trust company to the Federal Deposit Insurance Corporation as provided by Section 186.003 or initiate a receivership proceeding by filing a certified copy of the closing order in district court in Travis County, subject to Subsection (c). The court in which the closing order is filed shall docket it as a case styled, "In re liquidation of ____" (inserting the name of the state trust company). When the closing order is filed, the court has constructive custody of all the state trust company's assets and any action that seeks to directly or indirectly affect state trust company assets is considered an intervention in the receivership proceeding and subject to this subchapter and Subchapter D.(c)  Venue for an action instituted to effect, contest, or intervene in the liquidation of a state trust company is in Travis County, except that on motion filed and served concurrently with or before the filing of the answer, the court may, on a finding of good cause, transfer the action to the county of the state trust company's home office.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 412, Sec. 3.13, eff. Sept. 1, 2001.|
TX Fin Code § 186.203 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter C. Involuntary Dissolution and Liquidation|Section 186.203. Nature and Duration of Receivership

Sec. 186.203.  NATURE AND DURATION OF RECEIVERSHIP.  (a)  The court may not require a bond from the banking commissioner as receiver.(b)  A reference in this chapter to the receiver is a reference to the banking commissioner as receiver and to any successors in office, the Federal Deposit Insurance Corporation if acting as receiver as provided by Section 186.003 and federal law, or an independent receiver appointed at the request of the banking commissioner as provided by Section 186.004.(c)  The receiver has all the powers of the directors, managers, managing participants, officers, and shareholders or participants of the state trust company as necessary to support an action taken on behalf of the state trust company.(d)  The receiver and all employees and agents acting on behalf of the receiver are acting in an official capacity and are protected by Section 12.106.  An act of the receiver is an act of the state trust company in liquidation.  This state or a political subdivision of this state is not liable and may not be held accountable for any debt or obligation of a state trust company in receivership.(e)  Section 64.072, Civil Practice and Remedies Code, applies to the receivership of a state trust company except as provided by this subsection.  A state trust company receivership shall be administered continuously for the length of time necessary to complete its purposes, and a period prescribed by other law limiting the time for the administration of a receivership or of corporate affairs generally, including Section 64.072(d), Civil Practice and Remedies Code, does not apply.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.204 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter C. Involuntary Dissolution and Liquidation|Section 186.204. Contest of Liquidation

Sec. 186.204.  CONTEST OF LIQUIDATION.  (a)  A state trust company, acting through a majority of its directors, managers, or managing participants, may intervene in an action filed by the banking commissioner closing a state trust company to challenge the banking commissioner's closing of the state trust company and to enjoin the banking commissioner or other receiver from liquidating its assets.  The state trust company must file the intervention not later than the second business day after the closing of the state trust company, excluding legal holidays.  The court may issue an ex parte order restraining the receiver from liquidating state trust company assets pending a hearing on the injunction.  The receiver shall comply with the restraining order but may petition the court for permission to liquidate an asset as necessary to prevent its loss or diminution pending the outcome of the injunction action.(b)  The court shall hear an action under Subsection (a) as quickly as possible and shall give it priority over other business.(c)  The state trust company or receiver may appeal the court's judgment as in other civil cases, except that the receiver shall retain all state trust company assets pending a final appellate court order even if the banking commissioner does not prevail in the trial court.  If the banking commissioner prevails in the trial court, liquidation of the state trust company may proceed unless the trial court or appellate court orders otherwise.  If liquidation is enjoined or stayed pending appeal, the trial court retains jurisdiction to permit liquidation of an asset as necessary to prevent its loss or diminution pending the outcome of the appeal.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.205 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter C. Involuntary Dissolution and Liquidation|Section 186.205. Notice of State Trust Company Closing

Sec. 186.205.  NOTICE OF STATE TRUST COMPANY CLOSING.  (a)  As soon as reasonably practicable after initiation of the receivership proceeding, the receiver shall publish notice, in a newspaper of general circulation in each community where the state trust company's home office or any additional trust office is located.  The notice must state that:(1)  the state trust company has been closed for liquidation;(2)  clients and creditors must present their claims for payment on or before a specific date;  and(3)  all safe deposit box holders and bailors of property left with the state trust company should remove their property not later than a specified date.(b)  A date that the receiver selects under Subsection (a):(1)  may not be earlier than the 121st day after the date of the notice;  and(2)  must allow:(A)  the affairs of the state trust company to be wound up as quickly as feasible;  and(B)  creditors, clients, and owners of property adequate time for presentation of claims, withdrawal of accounts, and redemption of property.(c)  The receiver may adjust the dates under Subsection (a) with the approval of the court and with or without republication of notice if additional time appears needed for those activities.(d)  As soon as reasonably practicable given the state of state trust company records and the adequacy of staffing, the receiver shall mail to each of the state trust company's known clients, creditors, safe deposit box holders, and bailors of property left with the state trust company, at the mailing address shown on the state trust company's records, an individual notice containing the information required in a notice under Subsection (a) and specific information pertinent to the account or property of the addressee.(e)  The receiver may determine the form and content of notices under this section.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 6.022(a), eff. Sept. 1, 2001.|
TX Fin Code § 186.206 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter C. Involuntary Dissolution and Liquidation|Section 186.206. Inventory

Sec. 186.206.  INVENTORY.  As soon as reasonably practicable given the state of state trust company records and the adequacy of staffing, the receiver shall prepare a comprehensive inventory of the state trust company's assets for filing with the court.  The inventory is open to inspection.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.207 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter C. Involuntary Dissolution and Liquidation|Section 186.207. Receiver's Title and Priority

Sec. 186.207.  RECEIVER'S TITLE AND PRIORITY.  (a)  The receiver has the title to all the state trust company's property, contracts, and rights of action, wherever located, beginning on the date the state trust company is closed for liquidation.(b)  The rights of the receiver have priority over a contractual lien or statutory landlord's lien under Chapter 54, Property Code, judgment lien, attachment lien, or voluntary lien that arises after the date of the closing of the state trust company for liquidation.(c)  The filing or recording of a receivership order in a record office of this state gives the same notice that would be given by a deed, bill of sale, or other evidence of title filed or recorded by the state trust company in liquidation.  The recording clerk shall index a recorded receivership order in the records to which the order relates.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.208 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter C. Involuntary Dissolution and Liquidation|Section 186.208. Rights Fixed

Sec. 186.208.  RIGHTS FIXED.  The rights and liabilities of the state trust company in liquidation and of a client, creditor, officer, director, manager, managing participant, employee, shareholder, participant, participant-transferee, agent, or other person interested in the state trust company's estate are fixed on the date of closing of the state trust company for liquidation except as otherwise directed by the court or as expressly provided otherwise by this subchapter or Subchapter D.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|