Texas Finance Code 59.001 – Definitions
Terms Used In Texas Finance Code 59.001
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Subpoena: A command to a witness to appear and give testimony.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
In this subchapter:
(1) “Civil action” means a civil proceeding pending in a tribunal. The term does not include an examination or enforcement proceeding initiated by:
(A) a governmental agency with primary regulatory jurisdiction over a financial institution in possession of a compliance review document;
(B) the Federal Deposit Insurance Corporation or its successor; or
(C) the board of governors of the Federal Reserve System or its successor.
(2) “Claim against a customer” means a writ of attachment, writ of garnishment, notice of freeze, notice of levy, notice of child support lien, notice of seizure, notice of receivership, restraining order, injunction or other instrument served on or delivered to a financial institution and purporting to assert, establish, or perfect any interest in or claim against an account, extension of credit, or product of the financial institution held or established by the financial institution in the name of the customer or for the benefit of the customer, or in the name of the financial institution as the fiduciary, agent, or custodian or in another representative capacity for the customer. The term does not include citation or other process in a civil suit in which the financial institution is made a defendant and against which claims for affirmative relief are asserted, even though the subject matter of the suit is an account, extension of credit, or product of the financial institution held or established by the financial institution in the name of a customer or in the name of the financial institution as the fiduciary, agent, or custodian or in another representative capacity for the customer.
(3) “Compliance review document” means a document prepared by or for a compliance review committee acting pursuant to § 59.009.
(4) “Customer” means a person who uses, purchases, or obtains an account, extension of credit, or product of a financial institution or for whom a financial institution acts as a fiduciary, agent, or custodian or in another representative capacity.
(5) “Financial institution” has the meaning assigned by § 201.101, except that the term does not include a financial institution organized under the laws of another state or organized under federal law with its main office in another state that does not maintain a branch or other office in this state.
(6) “Out-of-state financial institution” means a financial institution, organized under the laws of another state or organized under federal law with its main office in another state, that has a branch or other office in this state.
(7) “Record” means financial or other information of a customer maintained by a financial institution.
(8) “Record request” means a valid and enforceable subpoena, request for production, or other instrument issued under authority of a tribunal that compels production of a customer record.
(9) “Texas financial institution” means a financial institution organized under the laws of this state or organized under federal law with its main office in this state.
(10) “Tribunal” means a court or other adjudicatory tribunal with jurisdiction to issue a request for records, including a government agency exercising adjudicatory functions and an alternative dispute resolution mechanism, voluntary or required, under which a party may compel the production of records.