Tex. Fin. Code Section 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.

Source: Section 186.201 — Action to Close State Trust Company, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­186.­htm#186.­201 (accessed May 11, 2024).

186.001
Definition 186.002
Remedies Exclusive 186.003
Federal Deposit Insurance Corporation as Liquidator 186.004
Appointment of Independent Receiver 186.005
Succession of Trust Powers 186.101
Initiating Voluntary Dissolution 186.102
Filing Resolutions with Banking Commissioner 186.103
Banking Commissioner Investigation and Consent 186.104
Notice of Pending Dissolution 186.105
Safe Deposits and Other Bailments 186.106
Offices to Remain Open 186.107
Fiduciary Activities 186.108
Final Liquidation 186.109
Application of Law to State Trust Company in Dissolution 186.110
Authorization of Deviation from Procedures 186.111
Closure by Banking Commissioner for Involuntary Dissolution and Liquidation 186.112
Application for New Charter 186.201
Action to Close State Trust Company 186.202
Notice and Effect of Closure 186.203
Nature and Duration of Receivership 186.204
Contest of Liquidation 186.205
Notice of State Trust Company Closing 186.206
Inventory 186.207
Receiver’s Title and Priority 186.208
Rights Fixed 186.209
Depositories 186.210
Pending Lawsuit 186.211
New Lawsuit 186.212
Obtaining Record or Other Property in Possession of Other Person 186.213
Injunction in Aid of Liquidation 186.214
Subpoena 186.215
Executory Contract 186.216
Preferences 186.217
Employees of Receiver 186.218
Disposal of Property 186.219
Court Order 186.220
Receiver’s Reports 186.221
Court-ordered Audit 186.222
Safe Deposits and Other Bailments 186.223
Fiduciary Activities 186.224
Disposition and Maintenance of Records 186.225
Records Admitted 186.226
Resumption of Business 186.227
Assets Discovered After Close of Receivership 186.301
Filing Claim 186.302
Proof of Claim 186.303
Judgment as Proof of Claim 186.304
Secured Claim 186.305
Unliquidated or Undetermined Claim 186.306
Set-off 186.307
Action on Claim 186.308
Objection to Approved Claim 186.309
Appeal of Rejected Claim 186.310
Payment of Claim 186.311
Priority of Claims Against Insured State Trust Company 186.312
Priority of Claims Against Uninsured State Trust Company 186.313
Excess Assets 186.314
Unclaimed Property
Green check means up to date. Up to date

Accessed:
May 11, 2024

§ 186.201’s source at texas​.gov