Texas Code of Criminal Procedure 59.12 – Seizure of Accounts and Assets At Regulated Financial Institution
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(a) This article applies to property consisting of a depository account or assets in a regulated financial institution.
(b) A regulated financial institution, at the time a seizure warrant issued under Chapter 18 is served on the institution, may either:
Terms Used In Texas Code of Criminal Procedure 59.12
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- Property: means real and personal property. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
(1) pay an account or tender assets held as security for an obligation owed to the institution at the time of the service of the seizure warrant; or
(2) transfer the depository account or assets to a segregated interest-bearing account in the name of the attorney representing the state as trustee, to remain in the account until the time has expired for an appeal from a decision of the court relating to the forfeiture of accounts or assets under Article 59.05.
(c) Immediately on service of the seizure warrant, the regulated financial institution shall take action as necessary to segregate the account or assets and shall provide evidence, certified by an officer of the institution, of the terms and amount of the account or a detailed inventory of the assets to the peace officer serving the warrant. Except as otherwise provided by this article, a transaction involving an account or assets, other than the deposit or reinvestment of interest, dividends, or other normally recurring payments on the account or assets that do not involve distribution of proceeds to the owner, is not authorized unless approved by the court that issued the seizure warrant or, if a forfeiture action has been instituted, the court in which that action is pending.
(d) Any accrual to the value of the account or assets during the pendency of the forfeiture proceedings is subject to the procedures for the disbursement of interest under Article 59.08.
(e) If the regulated financial institution fails to release the depository account or assets to a peace officer pursuant to a seizure warrant or transfer the account or assets as required by Subsection (b), and as a result cannot comply with the court’s forfeiture order, the court:
(1) shall order the regulated financial institution and its culpable officers, agents, or employees to pay actual damages, attorney’s fees, and court costs incurred as a result of the institution’s failure to comply; and
(2) may find the regulated financial institution and its culpable officers, agents, or employees in contempt.
(f) A regulated financial institution that complies with this article is not liable in damages because of the compliance.
(g) This article does not:
(1) impair the right of the state to obtain possession of physical evidence or to seize a depository account or other assets for purposes other than forfeiture under this chapter; or
(2) waive criminal or civil remedies available under other law.