Tex. Fin. Code Section 182.402
Authority to Act as Disbursing Agent

(a)

The purchasing state trust company may hold the purchase price and any additional funds delivered to it by the selling institution in trust for the selling institution and may act as agent of the selling institution in disbursing those funds in trust by paying the creditors of the selling institution.

(b)

If the purchasing state trust company acts under written contract of agency approved by the banking commissioner that specifically names each creditor and the amount to be paid each, and if the agency is limited to the purely ministerial act of paying creditors the amounts due them as determined by the selling institution and reflected in the contract of agency and does not involve discretionary duties or authority other than the identification of the creditors named, the purchasing trust company:

(1)

may rely on the contract of agency and the instructions included in it; and

(2)

is not responsible for:

(A)

any error made by the selling institution in determining its liabilities and creditors to whom the liabilities are due or the amounts due the creditors; or

(B)

any preference that results from the payments made under the contract of agency and the instructions included in it.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.

Source: Section 182.402 — Authority to Act as Disbursing Agent, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­182.­htm#182.­402 (accessed May 18, 2024).

182.001
Organization and General Powers of State Trust Company 182.002
Certificate of Formation of State Trust Company 182.003
Application for State Trust Company Charter 182.004
Notice and Investigation of Charter Application 182.005
Protest 182.006
Issuance of Charter 182.007
Deadline to Begin Business 182.008
Restricted Capital 182.009
Application of General Corporate Law 182.010
Parity 182.011
Exemption from Statutory Provisions for Certain State Trust Companies 182.012
Application for Exemption 182.013
Annual Certification for Exempt State Trust Company 182.014
Limitation on Effect of Exemption 182.015
Change of Control of Exempt State Trust Company 182.016
Grounds for Revocation of Exemption 182.017
Notice and Effect of Revocation of Exemption 182.018
Action After Revocation of Exemption 182.019
Prior Exemption 182.020
Foreign Corporation Exercising Trust Powers 182.021
Activities Not Requiring Charter 182.101
Amendment or Restatement of State Trust Company Certificate of Formation 182.102
Establishing Series of Shares or Participation Shares 182.103
Change in Restricted Capital 182.104
Capital Notes or Debentures 182.0105
Financial Activities 182.105
Board Designation of Certified Surplus 182.201
Conduct of Trust Business 182.202
Home Office 182.203
Additional Offices 182.0211
Conformance with Securities Act 182.301
Merger Authority 182.302
Merger Application 182.303
Approval of Banking Commissioner 182.304
Rights of Dissenters to Merger 182.401
Authority to Purchase Assets 182.402
Authority to Act as Disbursing Agent 182.403
Liquidation of Selling Institution 182.404
Payment to Creditors 182.405
Sale of Assets 182.501
Merger or Conversion of State Trust Company into Another Trust Institution Exercising Fiduciary Powers 182.502
Conversion of Trust Institution into State Trust Company
Green check means up to date. Up to date

Accessed:
May 18, 2024

§ 182.402’s source at texas​.gov