Untitled Texas Attorney General Opinion

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