Texas § 2257.041 DEPOSIT OF SECURITIES WITH CUSTODIAN.

Texas Statutes

§ 2257.041 — DEPOSIT OF SECURITIES WITH CUSTODIAN.

Texas § 2257.041

Code GVGovernment Code

This text of Texas § 2257.041 (DEPOSIT OF SECURITIES WITH CUSTODIAN.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Government Code Code Ann. § 2257.041 (2026).

Text

Sec. 2257.041. DEPOSIT OF SECURITIES WITH CUSTODIAN.

(a)In addition to other authority granted by law, a depository for a public entity other than a state agency may deposit with a custodian a security pledged to secure a deposit of public funds.

(b)At the request of the public entity, a depository for a public entity other than a state agency shall deposit with a custodian a security pledged to secure a deposit of public funds.

(c)A depository for a state agency shall deposit with a custodian a security pledged to secure a deposit of public funds. The custodian and the state agency shall agree in writing on the terms and conditions for securing a deposit of public funds.

(d)A custodian must be approved by the public entity and be:

(1)a state or national bank that:

(A)is designated b

Free access — add to your briefcase to read the full text and ask questions with AI

Sec. 2257.041. DEPOSIT OF SECURITIES WITH CUSTODIAN. (a) In addition to other authority granted by law, a depository for a public entity other than a state agency may deposit with a custodian a security pledged to secure a deposit of public funds.
(b) At the request of the public entity, a depository for a public entity other than a state agency shall deposit with a custodian a security pledged to secure a deposit of public funds.
(c) A depository for a state agency shall deposit with a custodian a security pledged to secure a deposit of public funds. The custodian and the state agency shall agree in writing on the terms and conditions for securing a deposit of public funds.
(d) A custodian must be approved by the public entity and be:
(1) a state or national bank that:
(A) is designated by the comptroller as a state depository;
(B) has its main office or a branch office in this state; and
(C) has a capital stock and permanent surplus of $5 million or more;
(2) the Texas Treasury Safekeeping Trust Company;
(3) a Federal Reserve Bank or a branch of a Federal Reserve Bank;
(4) a federal home loan bank; or
(5) a financial institution authorized to exercise fiduciary powers that is designated by the comptroller as a custodian pursuant to Section 404.031 (e).
(e) A custodian holds in trust the securities to secure the deposit of public funds of the public entity in the depository pledging the securities.

Legislative History

Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993. Amended by Acts 1995, 74th Leg., ch. 1010, Sec. 1, eff. June 17, 1995; Acts 1997, 75th Leg., ch. 891, Sec. 3.17, eff. Sept. 1, 1997; Acts 1999, 76th Leg., ch. 344, Sec. 5.007, eff. Sept. 1, 1999. Amended by: Acts 2009, 81st Leg., R.S., Ch. 486 (S.B. 638 ), Sec. 3, eff. September 1, 2009.