OFFICE OF THE ATTORNEY GENERAL OF TEXAS
AUSTIN
lioaorableJe8ro Jam00
Elate Trewurer
main, Tear
Be:
n upon the abore
lrtto1e no. MO,
8 u&/or etoekhold-
nm, rhore rheraboutm
or riquidatioo.
ng Code OS 1943, inucw-
0 Bill No. W an parsed by the
eI appears to luperoede wml re-
oua ArCirlem md Aotr by rbioh
St8te Treasurer boldm tbe 8bme
respcatiully request rour opinion on
the following qucmtfonsr
ll. nh%ld all o r my p er tor the
(14 ,fMC.fi?DW held by the state T’rers-
urer im the Dir~olutloa of Oolrent Cor-
poratiom Fund be transmitted to the
oljte Ywlkl4 cooimlr*ion?
591
sonor.bl. JO880 JM~ - page 2
lP .Should the Yt.te trewurer~8
rcoords, iwloding led@ra, deparitors
.ndjor st.okholdsrs ilst, to~.tb.r mith
eorrespomdenoe pOrtaltIingto same bm
surrendered to tbe Ctrte lank&g Coa-
eimmlonmrl
83. Af your snmer to tbe forego-
ing questions b8 in the atrirmtive, is
the aste rre.surer relieved 0r .ll ru-
t&we responslbllity 1. r.g.rd to the
above SSSWDtS~g
ktioie MO 0r the mired ciril m8tutt8 deal8
.ith the question aC Ciao1 settleaest of State bmkiag in-
8titutloas in cbe prooes. or ro1unt.w llquidstion, and
80 lu as pertinent bare 18 as tol1or.r
.o l 0, r itM a mix vontbs biter the
filing of sueb 8ertlriOut0, tb0 oorpration
.&all pay rll .um. due dopoelter. rad ared-
itor. rbou they aan diecorer .nd rho cl.ir
rbe maqs due thael .ad upon the cmpira-
tion of said six nmths, it .b.ll bs tbs
duty 0s the .urpcw.tlon to .rkr a st.tmeat
from the books ot 8.i.d CBTpOrstlOm~ Ssrtificd
by the prwfdent and secretury, 0r the name8
eC 811 depositor. 8nd aredltors .ho b.ve net
618imd or hav+ not reaeired tbe balames ts
thsir credit or duo tbam rsspesti~rly, and to
tlls the 8u.e sit& the State Tre~sursr md to
jb8y tho mm&l ftbte trmmmurc
all 8uch um3lrio-
od deposits, moneys suI credit8 isr tas me
und benefit of ruob depositem uul Oreditors.
We board or direaters rbbll then divide the
cap&t& stock, gurrunty srA indaait~ rund
uml .ll other l8sets o r tbc precee3. tbere-
or uion(cthr stooktwlder8 rotsblyl aad the
bourd 0r directors 8&all thereupon rile La
the etrice of the nuakhg cosmi8810n.r 8 car-
tiriwte surrardriag tbe eorporuce rranohire.~
rhis Artiole ma* * purt 0r fit10 16 e the ac-
ri.ed Cl+11 St8tutes et 1028, &ml, 8. you .ar, b.. been
repealed by the 6ompehensire Aot OF the 48th L~i.lrtu~e,
kn0.n 88 tom8 tanktag code of 1943, ld is thertrort no
part or the pereot statutes.
592
yonirrabla Jesse James - page 3
St -8s entirely within the prwiwe 0r the
bogi#lattWO to rope81 this Article, 88 it did, but
.uoh repeal did not base mnd oould not hare the ei-
jgot to disturb private property rights tb.t bad be-
oome iired thereunder while tbe Artiole was an exiat-
ifig ststute. Enoh rights are Jrnowa as rested rights
.sd sre, of aourse, beyond legisl.tir. interlereace.
The moneys rentioned br Tou having been deposited
ritb the state Trearurar, in parau8nae 0r ths tertas
of Artiole MO shils it was an existing lrs, thee-
upOn rested in the orners 0r suob md8 88 8 rixsd
gad definite private right, entirely personal la its
glrture. The Tex88 Banking Code of 1043 did not at-
tempt to interfere in any ray with such rested prop-
erty rights, 80 that theT remain QrwiSely as they
hecue shen the deposits were made,
@bile Article MO has been repealed, the
8trtutorT trusts that were oreatod under that Article
in the proaeaa ot voluntary liquidations or banking
~natitutlons bare not been destroyed, but on the eon-
trnry have been rerpeoted.
In Artitle 18 of Chspter VIII or the Banking
Code, there is this proririonl
*All uncleimed diridend. and sll iundo
hereafter lrailable ror non-elaiadng dspoait-
ore and areditors, together sitb all funds
held pursuant to tbe prwisioas oi Artiels
MO of the Imimed Civil BtM.utsa at Texas,
(which latter funds shall be tr8namitted lq
the State Treasurer to the Commlaaloner, ~to-
getber with a list e? the depositors rnd
creditors for whose benefit the au60 is held),
shall be deposited by tbe CoaEiraioner in one
or more stute banks for the benefit of the
depoaitOra am3 creditor8 entitled thereto..
Thus, the Legislature respecting the trust
has merely changed the truotee from state Treasurer to
bontiag r;onnSaaioner, a thing it had rull poser to do.
(Seourity Savings bank v. The state of Califorsia, (VA)
MI I&urned. 301, 31 A. L. I. 391).
80 that, Tour question8 are mewsrod crtegorl-
coiiy US roiiow8:
uoaoreble Jesse Jbmea - p8ge 4
1. All or the ma8 r;entionedby you should
-be tr#nrrPitted to the 8t.te Bunking Co6mirnlonSr.
2. There should .oaonp.ay this trmmtiraion
w. list at the depositors 8nd creditors for .hoae bene-
fit tbe 8.&e is held*, and this list should of'8our.e
inolude the reapeotiv~.mountr due to ruob depositors
.Dd oredLtOr8, .nd 1ika.l.e the bank uLiSg the deposit.
fbo Freaaurer should not trunemit to the Cozmciaaioner
the reoords, ledgers, li8ts .nd oorrespondenoe perteln-
ing to same, llnoe they constitute a part of the per-
. mnent srohi~es 0r his ofrlee. Fhoae lists traneprittul
to the banking Colr;eiaeionershould be sertiried under
the band and seal 0r tbe state Treasurer.
3. The transm.lselonby the State Treasurer to
the banicing cormi8sioner 0r the li8t8 mentioned in Anarer
1 relieves his of all fUtUIV re8ponalbllit~ and lirblllty
in regard to the trust pretlourl~ being sdministered by
MB.
._I Yew truly yours
ATTWNEX LiEQZRAt01‘TFXA
Untitled Texas Attorney General Opinion
Combined Opinion