Texas § 186.201 ACTION TO CLOSE STATE TRUST COMPANY.

Texas Statutes

§ 186.201 — ACTION TO CLOSE STATE TRUST COMPANY.

Texas § 186.201

Code FIFinance Code

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Bluebook

Tex. Finance Code Code Ann. § 186.201 (2026).

Text

Sec. 186.201. ACTION TO CLOSE STATE TRUST COMPANY.

(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.

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Sec. 186.201. ACTION TO CLOSE STATE TRUST COMPANY. (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.