Texas § 2257.042 DEPOSIT OF SECURITIES WITH PERMITTED INSTITUTION.

Texas Statutes

§ 2257.042 — DEPOSIT OF SECURITIES WITH PERMITTED INSTITUTION.

Texas § 2257.042

Code GVGovernment Code

This text of Texas § 2257.042 (DEPOSIT OF SECURITIES WITH PERMITTED INSTITUTION.) 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. § 2257.042 (2026).

Text

Sec. 2257.042. DEPOSIT OF SECURITIES WITH PERMITTED INSTITUTION.

(a)A custodian may deposit with a permitted institution an investment security the custodian holds under Section 2257.041 .

(b)If a deposit is made under Subsection (a):

(1)the permitted institution shall hold the investment security to secure funds the public entity deposits in the depository that pledges the investment security;

(2)the trust receipt the custodian issues under Section 2257.045 shall show that the custodian has deposited the security in a permitted institution; and

(3)the permitted institution, on receipt of the investment security, shall immediately issue to the custodian an advice of transaction or other document that is evidence that the custodian deposited the security in the permitted institution.

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Sec. 2257.042. DEPOSIT OF SECURITIES WITH PERMITTED INSTITUTION. (a) A custodian may deposit with a permitted institution an investment security the custodian holds under Section 2257.041 .
(b) If a deposit is made under Subsection (a):
(1) the permitted institution shall hold the investment security to secure funds the public entity deposits in the depository that pledges the investment security;
(2) the trust receipt the custodian issues under Section 2257.045 shall show that the custodian has deposited the security in a permitted institution; and
(3) the permitted institution, on receipt of the investment security, shall immediately issue to the custodian an advice of transaction or other document that is evidence that the custodian deposited the security in the permitted institution.