Tex. Fin. Code § 62.307 · Subchapter G. CONVERSION OF ASSOCIATION TO STATE OR NATIONAL BANK OR STATE OR FEDERAL SAVINGS BANK
PROPERTY AND OBLIGATIONS OF CONVERTED ASSOCIATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The property of an association converted to a bank or savings bank immediately by operation of law vests in the bank or savings bank.
(b) The bank or savings bank:
(1) holds the property in its own right to the extent it was held by the association that was converted; and
(2) succeeds to the obligations and relations of the association that was converted on the date the conversion takes effect.
(c) A pending judicial proceeding to which the association that was converted is a party is not abated or discontinued by reason of the conversion and may be prosecuted to final judgment, order, or decree as if the conversion had not occurred.
(d) The bank or savings bank may continue a pending action in its own corporate name. A judgment, order, or decree that might have been rendered for or against the association that was converted may be rendered for or against the bank or savings bank.
(e) In this section, "property" has the meaning assigned by Section 62.259(e).
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.62.htm
- Text hash
- sha256 f09ff50c123d4483024f888ba71a1717cd9782538afdcfc3908952d62451c3d0
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.