Tex. Loc. Gov't Code § 116.0565 · Subchapter C. SECURITY FOR FUNDS HELD BY DEPOSITORY
CERTIFICATE OF DEPOSIT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A certificate of deposit qualifies as security under this subchapter if the certificate is:
(1) held in the custody of a Federal Reserve Bank for safekeeping and made the subject of a valid pledge agreement designating the county as the beneficiary of the pledge agreement;
(2) insured in full by the Federal Savings and Loan Insurance Corporation or the Federal Deposit Insurance Corporation;
(3) described in detail by a safekeeping receipt issued to the county by the Federal Reserve Bank having custody of the certificates; and
(4) issued with the county as registered owner.
(b) A person to whom presentment of a certificate of deposit pledged to secure county funds is made may not pay or otherwise accept the certificate unless the certificate or the safekeeping receipt required by this section has been endorsed by the county and the depository.
Notes and commentary — not statutory text
History
Added by Acts 1989, 71st Leg., ch. 1, Sec. 15(b), eff. Aug. 28, 1989.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/LG/htm/LG.116.htm
- Text hash
- sha256 ec1f3b788751b04c1506ad9a3ba90912c36f4772fb1f5e5817c799956292ed2f
- 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.