80th Texas Legislature, Regular Session, House Bill 2007, Chapter 110 Page: 11 of 16
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H.B. No. 2007
1 purpose by the board certifies in writing that the bank is relying
2 primarily on the responsibility of each maker for payment of the
3 loans or extensions of credit and not on a full or partial recourse
4 endorsement or guarantee by the transferor;
5 (12) the portion of an indebtedness in excess of the
6 limitation of this subsection that is fully secured by marketable
7 securities or bullion with a market value at least equal to the
8 amount of the overage, as determined by reliable and continuously
9 available price quotations, except that the exempted indebtedness
10 or overage of a person under this subdivision may not exceed an
11 amount equal to 15 percent of [the lesser of] the bank's unimpaired
12 capital and [et.e44ed] surplus [or tW' 1:.'z total .qt..y
13 e... ,-4]
14 (13) indebtedness of an affiliate of the bank if the
15 transaction with the affiliate is subject to the restrictions and
16 limitations of 12 U.S.C. Section 371c;
17 (14) indebtedness of an operating subsidiary of the
18 bank other than a subsidiary described by Section 34.103(c)(2); and
19 (15) the portion of the indebtedness of a person
20 secured in good faith by a purchase money lien taken by the bank in
21 exchange for the sale of real or personal property owned by the bank
22 if the sale is in the best interest of the bank.
23 SECTION 11. Section 34.304(b), Finance Code, is amended to
24 read as follows:
25 (b) A state bank may pledge its assets to secure a deposit
26 of:
27 (1) any state or an agency, political subdivision, or11
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Texas. Legislature. House of Representatives. 80th Texas Legislature, Regular Session, House Bill 2007, Chapter 110, legislative document, 2007-04/2007-05; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth154913/m1/11/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.