Tex. Fin. Code Section 66.403
Enforceability of Loan Promise or Agreement Made by Association Before Conservatorship or Supervisory Control

If a promise or agreement to lend money is not otherwise unenforceable under Chapter 26 (Statute of Frauds), Business & Commerce Code, and if the promise or agreement is made by the association before the association is placed under conservatorship or supervisory control, the promise or agreement or a memorandum of the promise or agreement is enforceable against the association 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 association and the person to whom the promise or agreement was made; and

(3)

is approved by the association’s board.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Source: Section 66.403 — Enforceability of Loan Promise or Agreement Made by Association Before Conservatorship or Supervisory Control, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­66.­htm#66.­403 (accessed May 26, 2025).

66.001
General Duties 66.002
Adoption of Rules 66.051
Examinations 66.052
Additional Examinations 66.053
Access to Books and Records 66.054
Subpoena 66.101
Intervention for Violations and Unsafe and Unsound Practices 66.102
Intervention for Filing Inappropriate Information 66.103
Intervention for Activity Resulting in Actual or Potential Loss 66.104
Intervention Relating to Examination of Affairs 66.105
Temporary Supervisory Order 66.106
Service of Temporary Supervisory Order 66.107
Hearing on Temporary Supervisory Order 66.108
Plan of Operation of Association After Order of Temporary Conservatorship 66.109
Enforcement of Supervisory Order 66.110
Stay of Supervisory Order 66.111
Disclosure of Information in Supervisory Order 66.151
Placement of Association Under Conservatorship 66.152
Duties of Conservator 66.153
Term of Conservator 66.154
Transfer of Management of Rehabilitated Association 66.155
Scope of Authority of Other Persons During Conservatorship 66.156
Cost of Conservatorship 66.157
Venue 66.201
Placement of Association Under Voluntary Supervisory Control 66.202
Powers of Supervisors 66.203
Cost of Supervisory Control 66.251
Closing of Association by Board Resolution 66.252
Closing of Association by Commissioner’s Order 66.253
Notice of Closing 66.254
Effect of Closing 66.255
Hearing on Commissioner’s Order 66.301
Liquidation of Association 66.302
Removal or Replacement of Liquidating Agent 66.303
Duties of Liquidating Agent 66.304
Notice 66.305
Presentation of Claim 66.306
Priority of Claims 66.307
Action on Claim 66.308
Hearing on Claim 66.309
Payment of Final Dividend 66.310
Deposit of Money by Liquidating Agent 66.311
Payment of Nonclaiming Depositors and Creditors 66.312
Cost of Liquidation 66.313
Final Report 66.314
Continued Existence of Association Following Liquidation 66.315
Special Liquidating Agent 66.316
Closing of Liquidation 66.317
Administrative Procedure 66.351
Placement of Certain Associations in Receivership 66.352
Duties of Receiver 66.353
Compensation of Receiver 66.354
Effect of Receivership on Commissioner and Liquidating Agent 66.355
Receipt of Items as Evidence in Receivership Proceeding 66.356
Title and Custody of Association’s Assets 66.401
Derivative Suit 66.402
Payment of Insured Deposit Liabilities by Fdic 66.403
Enforceability of Loan Promise or Agreement Made by Association Before Conservatorship or Supervisory Control
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Verified:
May 26, 2025

§ 66.403. Enforceability of Loan Promise or Agreement Made by Ass’n Before Conservatorship or Supervisory Control's source at texas​.gov