Texas Statutes (Last Updated: January 4, 2014) |
GOVERNMENT CODE |
Title 10. GENERAL GOVERNMENT |
Subtitle F. STATE AND LOCAL CONTRACTS AND FUND MANAGEMENT |
Chapter 2257. COLLATERAL FOR PUBLIC FUNDS |
Subchapter C. CUSTODIAN; PERMITTED INSTITUTION |
Sec. 2257.044. CUSTODIAN AS BAILEE
Latest version.
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(a) A custodian under this chapter or a custodian of a security pledged to an institution of higher education, as defined by Section 61.003, Education Code, whether acting alone or through a permitted institution, is for all purposes the bailee or agent of the public entity or institution depositing the public funds with the depository.
(b) To the extent of any conflict, Subsection (a) prevails over Chapter 8 or 9, Business & Commerce Code.
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.