OFFICEOFTHE ATTORNEY c3ZNERALOFTEXA.S
AUSTIN
Honorable Joem Jamee
State Treammer
Austin, Texas
Dear Sir: Opinion No. 01
Re:
wo quote rrolnpour 15, 1943, TO-
pudlng 0pinion or thili
the above stated
qu0ation a8 rou0w:
adtiaes that the
OamPlis6ion
a8k you to advise the dutieeand
or the State Treammr in thto oon-
IWOlifOlL Would it be psrPnf8t3ibl6
t@r the Stat9
Treaeurerto ereoute the releaoearequestedby the
above (Preathnerl~an Life S@uranoe Ooapeny?
+I
. . . ."
Honorable Joem Jam-, Psge 2
mu @rut ktb+rloanur0 xmxtmnor comp388yor SW
Adoale, haas, irra doaertioliie insuranaommpuky or8atb
laed aad &dug buslneasunder the protlsiouo of Chapter 3,
Title 78, V#non’a Annotateddlril Statue@& ft is noted
that )roureier to wosouritlea depositedufidrr prorlafoneor
Artdole47~6”. We ham bean informed br a reprmm&atlra
0r y0uz departrentand a reprorentatWaor the Inmwanem DC
partaunt that this la a typapaphioal error and that the so-
ourltlm on rhioh a partial releaao ia dorirod, wore arpoeited
with the St&to Trsamrer tander the prori8lona of Artlole 4739,
Vmzmn~a Annotat4 Oivil Statutm.
an00
Eonorable Jesse Jam..,Pa&e 3
otfloora or ysao8 or eaah in8ur8no~ wmpmny mak-
i.g ruoh deppo8ltahallbe palaittsd, at all raa-
sonabletim..,to ammine errahoeouritle8 and te
detaohoou@n~s thsrtHrtm end to oolleot iatsrs8t
ttxireon, under auoh remomble rules and regola-
tloum a6 m.y be preroribed by t&e Trearurer, end
the Commls8ionet. Stmh depositwhea made by .ay
otm@aay ah421 thereafterbe aaintalaod ae lmg a8
da gospan?.hall hare 0utstand.i~ any liability
t0 it8 jai0y holder.. ?or t&n porpone 0r Stete,
oounty, aa lapnioIpal tamtlon, the 8ltu8 ot all
per8onal propertyb.lo.gingto .u& ooaplpan1.e &all
be at th. hoar orr1oo o r lwh o~mpangr.~
It will be aotoa that Art&lo 47 9, 8tlpnr, author-
lses asy ooapany aamsd thsrela et it6 opJ 08, to aeptmlt
dth t&o State Troamlrer oeow~tier eqaal to tho amount or
its oapital etook. 'MS ltatutoSurthw g.$fl;~Yl&~
withdrawal or said rrouritlea unbr oerte
and oon4itione prsnti0..a or
tkorein paQ the .ab.titution
otJter 8eouritie8La 1i.u of the ori&ml leewiti~rr dapaait-
ea, furth8rprwMiw. thatmw8umh smurltis~ bmrermkw-
lag M) ori+all depoel%edow~abbsbitutod, raail bo .ppr~+ed
by the soara br L su~eOonissioaer8. suah a~potituh0n
made by say oorpanyahall thor,aftorbe auWktain@d88 long
a8 8ald aompauy c&al& have eqtmtutarn$ afir liabili8y to its
polioyhalaem T&s aompsriy 86 kepo8itfr;LIsuoh socuritde8 my
at it8 option rtthar8w the sam or any part thbrosd, after
rimit ber* aepbiited in ths trwmry in lieu thelrclot
0tBbr
oeaurities.equalin valw to those dthdrclrrr~. fa other wards,
t&b rtatute authorlus the dqeaitla& 8nd withd~ama& or so-
emtIer uad~ t+039ain ~IYMIS~.MSOS 8na 0~~ui01~3 8kmi0ma
therein, but aald 8tatute\ doe8 not ltrtkoriaar
a rolean of
said ssoaritier in any mower whetsae?sr.
Gensrally .pmking, public+
orrlosru -a gDt-nw
aud adainlstratlr8 bwrdr poe8e8a only auah powers61 are es-
prersly soererred upon them by 1.w ar. aee.a.a+j kapl&d
fmm the powers IQ oonrerred. Tlrcydanuet LagalLy porrarm
sots not authorited by exlrtlng law. Statutsw wlniohpremerlbe
ad lj.i& the euroiss or oiifoirl duty 8~8 rtrfotly aondwued
ln regpmot or t&s powers ooniarred aad th mansz* of tbelr
earo1.r ma suoh~powers an,not to be enP awed by OonmtruO-
tion. St 18 equally well mttledi that a law miMkh omfare
Honorable Jesse Jamsa, Page 4
a gmmr or impoeeo a &at upon sn oifloer w bard earriss
with it by laplloatlon tL authwiliy to do suoh things as
are mamaably neoessary to oarry into eifeot the power grant,-
4d or the duty iaposed, (See Texes Jurispradano4, Poluma 34,
page 4J+Oand anthorlti44 olted therela).
We ban, bow unabls to rind any statute authoriulng
the State Treasurer to releaee la whole or in part ang 400lt~c
ities deponit4d with the State Treesurer under the provldoas
of Art1014 4739, supra. Therefore, it is our opinion that tbs
stat. Tr4aaurer has PO logal authority to release in whale or
in part any eeourl(g deposited tith the Stat4 Treaeurer whloh
is depoalte8 under th4 provlalons of &Mole 4739. Xt is our
rurtker 0 lnlon that the iirf3 laeuraaa4 oompany so doporiting
the seoursty in question aaywithdraw the 8-e after first hav-
deposited with th4 Treasurer in lieu th4rcoi other meour-
1"4
it e8 bqual in value t4 ths on* tithdrawn.
In opinion Nor O-4256 tltls departaentheld that
* ahers the statute requires the Traa-
aurerio*khd tAw fendart li*normartgage lien
not44, lt 14 his duty to require a wrlttea trans-
ter or the lien aoouring said ootee, duly reoorded,
4nd th4n hold said note6 with the traJmt4r 60 re-
oorcled in his poseiesrioa,wder th4 term6 cf the
otatute.
". . .
"The tranerer 8boulPLbe Blade in truet to th4
party holding the aate, bein& either the Stats
Tr4aeurer or the Board of Inatwmoe Ooamirsit?rmrs,
and whaa the notea are paid, or the d4p4sUior dr
01&4a to tak4 same down, the tz?u%tesoan either
relea,aaa
or retreutiifer
the notee. . . ."
we enoloso 8 oopy oi said opinion.
eppl.loablato the quastioa under oonsideratdon.
ion is not to be oonstrued ae holding that when the not4 18
smelts; the deporltor,$eoi~o? to take the aane dovra that the
(tht3Tma~ure~ ~id~$h~~~easr)ormu& ~al4ase or ro-
transre:.the note. Ih~thila,to&bloawe merely Bald that the
Aonorehlo Jeaao Jaateo,Pago 5
Ardoll Willtar
Aarldant