Texas Finance Code 277.001 – Definitions
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Terms Used In Texas Finance Code 277.001
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
In this chapter:
(1) “Business” means a legal entity, including a corporation, partnership, or sole proprietorship, that is formed for the purpose of making a profit.
(2) “Business checking account” means an account at a financial institution from which withdrawals may be made by a business by check or draft. The term includes a money market account, a negotiable order of withdrawal account, or other account at a financial institution in which the account holder has check writing privileges.
(3) “Financial institution” means a state or national bank, state or federal savings and loan association, state or federal savings bank, or state or federal credit union doing business in this state.