S.B. No. 238
AN ACT
1-1 relating to the priority of claims on liquidation of a state or
1-2 private bank or on a purchase of assets and assumption of
1-3 liabilities of a state bank.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Article 4a, Chapter VIII, The Texas Banking Code
1-6 (Article 342-804a, Vernon's Texas Civil Statutes), is amended to
1-7 read as follows:
1-8 Art. 4a. Priority of Claims--Payment. On liquidation of a
1-9 state or private bank or on execution of a purchase of certain
1-10 assets and assumption of certain liabilities of a state bank under
1-11 Article 3a of this chapter, claims for payment against that state
1-12 bank have the same <following> priority that similar claims would
1-13 have on the liquidation or purchase of assets and assumption of
1-14 liabilities of a national bank under federal law<:>
1-15 <(1) obligations incurred by the Banking Commissioner,
1-16 fees and assessments due to the Banking Department, and expenses of
1-17 liquidation, including any taxes due, all of which may be covered
1-18 by a proper reserve of funds;>
1-19 <(2) claims of depositors having an approved claim
1-20 against the general liquidating account of the bank;>
1-21 <(3) claims of salaried employees of the bank for
1-22 salaries that are earned but unpaid at the time the bank is closed
1-23 or purchased under Article 3a of this chapter;>
1-24 <(4) claims of general creditors having an approved
2-1 claim against the general liquidating account of the bank;>
2-2 <(5) claims otherwise proper that were not filed
2-3 within the time prescribed by this Code;>
2-4 <(6) approved claims of subordinated creditors; and>
2-5 <(7) claims of stockholders of the bank>.
2-6 SECTION 2. The change in law made by this Act applies to
2-7 unpaid claims in a liquidation initiated or a purchase of assets
2-8 and assumption of liabilities that occurs on or after the effective
2-9 date of this Act.
2-10 SECTION 3. The importance of this legislation and the
2-11 crowded condition of the calendars in both houses create an
2-12 emergency and an imperative public necessity that the
2-13 constitutional rule requiring bills to be read on three several
2-14 days in each house be suspended, and this rule is hereby suspended,
2-15 and that this Act take effect and be in force from and after its
2-16 passage, and it is so enacted.