Texas Finance Code 186.201 – Action to Close State Trust Company
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(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.
Terms Used In Texas Finance Code 186.201
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005