59’7
OFFICE OF THE ATTORNEY GENERAL OF TEXAS
AUSTIN
G-GklAfol
-apcau.
Z
honorable J.eAtM JQrne~
kitAte TrAAAUl-Al’
Austin, Texas
Dear hr. James:
n upon the Above-
CAptiOnCd subfeo
Ate Treasurer
er, President, and
the Fulbright Btote
he following list ot
Bl' Ui th A draft iII
TeriIQ bAlAnCecl. duet
160 .QQ
“AppliCAtiOn
TAS 8mie by the bank to the
state BAllkiIIg
COnmdssiOn for Approval Of' the
dissolution certiPicate which has not yet
been passed by the Counnission. The Pulbright
State bank therefore retain6 its status A8 a
corporation.
honorable Jesse Jazzes - pago 2
*AftQl’ the bAlAme Of 3l64.62 WAS fOr-
warded t0 the 6tAte TreA#uFer And depoaitcd
in the Dissolution of 8olrent Corporationa
Fund ho. 31, urury Guest drew A check in the
amount of Approxkaatelj $16Q.QQ (which he
OlAiM9d aa bAlAAOe due air), on the FUlbPighht
state Pank, Fulbright, TQXAS, which WA@ paid
on g+reUQQtAtiOn At the bank.
Qr . c ir a d& ylig h
notw leek8 to rwover on
behalf of the bank the balanoe shown on our
reoemls AS belonging to Drury Oueat in the
amount of $160.99,
#Ue respeotfully ask yeur oplnioa on the
follorfng questtemst
"1. Should the entire amount deposited
by the Dulbright State J&u& bece-
turned to them 8inOe it retains
its 8tAtUS A6 A OOrpOrAtiOQt
'2. Qr &ould the bAlAmA renuin in
with the $14.669.67 comprising the
DiSSOlUtiOll Of 8OlVelSt COrpOl’AtiQM
F'UQdYO. 81, Of which it is A part,
if wune is transmItted to the state
Yanking CaPui88Lont
c3. Or should the lWbri@t State BAQk
be reimbursed by the State Treasur-
er f'romRuad So. 31 upan ertablish-
ing Claim to the aooeunt of Dmary
Gueatt*
For oonvenienee PAke we will answer your
quemtions in the erder otated by yau.
1. no. Article 640 of the nevim6d civil
Statutes contains the following,
Within lix months after the filing of
SUCh Oel'tffiOAte, the cOrpOrAtiOn SbAll ,,AJ
011 funds due depoeitors And ereditors whom
they can diaawm and rho claimed the moneys
bmorable Jesoe James - page 3
due themr And upon the exflration of said
ala months, it shall be the duty of the
oorporation to make from the books of said
corporation, certified by the President
and Seoretary, of the .names of all depoait-
ora and crt?ditOrs rho have not claimed or
hAVe not rewired the balanoe8 to their
oredit or due them reApeetlvel7, and to
file the same with the State Treasurer And
to pay to the naid State Treasurer all Auoh
unclaimed deposits, moneys and oredit. far
the uae And benefit of euoh depositora a&xl
ermiitore. The Poord of Directors shall
then divide the OApitAl atook, @lAPAlIt And
indemnit7 fund and all other Amete or the
proceeds thereof asumg the stockholders
rAtAbl7i Alli the board Of DireAtorA shall
thereupon file in the offioe of the Danking
Gonauisaioner A eertifioate surrendering the
eOrpOrAte frAnohime.*
As we are advidn~; you in Opinion Ho. O-67%0
this da7, upon the making of auah deposit with the State
Treasurer, there ie erected A statutory trust in favor
of @maah depoaitora And oreditoren theroln named. This
truet ia complete when nuch pa7ment bA8 been nade to
the State heamurer, and it OAn Only be disoharged b7 a
payment thereof to auoh depoeitor or creditor or hia dul7
authorioed uaipa, suooesaor or legal repi-eaentatite.
The payment to hr. Guest by the Fulbright State
&ank, after the item had been deposited rith the State
Treasurer; AS ohOWn b7 JOU, of aourae, WAS not the PAY-
Yent out of the Treasury truet deposit.
Yeither is hr. Sight, Cashier of the Tulbrlght
State bank, in A position to demand reimbursement for
this payment from the fund in 7our hando. So that, 7ou
Are not AuthOrized to pay hF. Aightre demand therefor.
2. Thie que8tion I.0 anorerefl in our Opinfon
*O. O-5729 this day remkW?d to you.
MOnAX’AblA Jesce Julie6 - pg;e 4
This question i* m8wwed In our
mower to geetion We. 1 aboth.