Texas Government Code 2116.001 – Definitions
Terms Used In Texas Government Code 2116.001
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
In this chapter:
(1) “Administrator” means the bullion depository administrator appointed under Section 2116.003.
(2) “Bullion” means precious metals that are formed into uniform shapes and quantities such as ingots, bars, or plates, with uniform content and purity, as are suitable for or customarily used in the purchase, sale, storage, transfer, and delivery of bulk or wholesale transactions in precious metals.
(3) “Business day” means a day other than a Saturday, Sunday, or banking holiday for a bank chartered under the laws of this state.
(4) “Deposit” means the establishment of an executory obligation of the depository to deliver to the order of the person establishing with the depository the obligation, on demand, a quantity of a specified precious metal, in bullion, specie, or a combination of bullion and specie, equal to the quantity of the same precious metal delivered by or on behalf of the depositor into the custody of:
(A) the depository; or
(B) a depository agent.
(5) “Depositor” means a person who makes a deposit.
(6) “Depository” means the Texas Bullion Depository created by this chapter.
(7) “Depository account” means the rights, interests, and entitlements established in favor of a depositor with respect to a deposit in accordance with this chapter and rules adopted under this chapter.
(8) “Depository account holder,” regarding a depository account, means the original depositor or a successor or assignee of the depositor respecting the depository account.
(9) “Depository agent” means a financial institution that has entered into an agreement with the depository to provide a retail location for the provision of depository services to the general public on behalf of the depository.
(9-a) “Financial institution” has the meaning assigned by Section 201.101, Finance Code.
(10) “Precious metal” means a metal, including gold, silver, platinum, palladium, and rhodium, that:
(A) bears a high value-to-weight ratio relative to common industrial metals; and
(B) customarily is formed into bullion or specie.
(11) “Specie” means a precious metal stamped into coins of uniform shape, size, design, content, and purity, suitable for or customarily used as currency, as a medium of exchange, or as the medium for purchase, sale, storage, transfer, or delivery of precious metals in retail or wholesale transactions.