73R2579 CAE-F
          By Patterson, Black                                    H.B. No. 471
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the priority of claims on liquidation of a state or
    1-3  private bank or on a purchase of assets and assumption of
    1-4  liabilities of a state bank.
    1-5        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-6        SECTION 1.  Article 4a, Chapter VIII, The Texas Banking Code
    1-7  (Article 342-804a, Vernon's Texas Civil Statutes), is amended to
    1-8  read as follows:
    1-9        Art. 4a.  Priority of Claims--Payment.  On liquidation of a
   1-10  state or private bank or on execution of a purchase of certain
   1-11  assets and assumption of certain liabilities of a state bank under
   1-12  Article 3a of this chapter, claims for payment against that state
   1-13  bank have the same priority that similar claims would have on the
   1-14  liquidation or purchase of assets and assumption of liabilities of
   1-15  a national bank under federal law <have the following priority:>
   1-16              <(1)  obligations incurred by the Banking Commissioner,
   1-17  fees and assessments due to the Banking Department, and expenses of
   1-18  liquidation, including any taxes due, all of which may be covered
   1-19  by a proper reserve of funds;>
   1-20              <(2)  claims of depositors having an approved claim
   1-21  against the general liquidating account of the bank;>
   1-22              <(3)  claims of salaried employees of the bank for
   1-23  salaries that are earned but unpaid at the time the bank is closed
   1-24  or purchased under Article 3a of this chapter;>
    2-1              <(4)  claims of general creditors having an approved
    2-2  claim against the general liquidating account of the bank;>
    2-3              <(5)  claims otherwise proper that were not filed
    2-4  within the time prescribed by this Code;>
    2-5              <(6)  approved claims of subordinated creditors; and>
    2-6              <(7)  claims of stockholders of the bank>.
    2-7        SECTION 2.  The change in law made by this Act applies to
    2-8  unpaid claims in a liquidation initiated or a purchase of assets
    2-9  and assumption of liabilities that occurs before, on, or after the
   2-10  effective date of this Act.
   2-11        SECTION 3.  The importance of this legislation and the
   2-12  crowded condition of the calendars in both houses create an
   2-13  emergency and an imperative public necessity that the
   2-14  constitutional rule requiring bills to be read on three several
   2-15  days in each house be suspended, and this rule is hereby suspended,
   2-16  and that this Act take effect and be in force from and after its
   2-17  passage, and it is so enacted.