Texas Government Code 404.069 – Trust Funds
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(a) All money and securities deposited with the comptroller in trust for any legal purpose may be received by the comptroller as provided by § 403.052. The money or securities shall be held in trust by the comptroller in the same manner as the departmental suspense account. Except as provided by § 403.0271, the money may be withdrawn only on a warrant drawn or an electronic funds transfer initiated by the comptroller. The securities may be withdrawn only by withdrawal authorization.
(b) Money received in trust or for any legal purpose that is placed in a suspense account or fund shall be handled by the comptroller in the same manner as items deposited in the departmental suspense account.
Terms Used In Texas Government Code 404.069
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
(c) Adequate registers, ledgers, and files shall be maintained by the comptroller to account for the receiving and disposing of trust and suspense money and securities. Those registers, ledgers, and files shall be known as the trust and suspense record.