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Can you summarize Tex. Fin. Chapter 34, Subchapter D?
INVESTMENTS, LOANS, AND DEPOSITS > DEPOSITS
Short Summary
The provided legal document content covers various aspects related to deposit contracts, fees, disclosures, liens, and trust accounts in the banking industry. It states that deposit contracts between a bank and an account holder can be evidenced by various documents and a cause of action for denial of deposit liability accrues when the bank denies liability and provides notice to the account holder. The document also governs the amendment of deposit contracts, allowing banks to amend the contract by mailing a written notice to the account holder. It further outlines the fees and disclosures related to deposit accounts, allowing banks to charge fees and penalties for various services and activities. The document specifies that banks must disclose the amount or method of computing each fee or penalty to customers opening an account. It also references federal laws for certain disclosures. Another aspect covered is the ability of state banks to create liens on their assets or secure the repayment of deposits. State banks are authorized to pledge their assets to secure deposits from certain entities, with exceptions for borrowing money or purchasing excess deposit insurance. The document also governs the establishment and operation of deposit accounts for minors, allowing banks to enter into deposit account agreements with minors as the sole owners. However, a parent or legal guardian can deny the minor’s authority to control the account. The document also addresses trust accounts with limited documentation, allowing banks to accept and administer deposit accounts opened by trustees for named beneficiaries based on a certificate of trust. The bank is discharged from liability upon making payments according to the certificate. The document also grants banks the right of set-off against accounts owned by a depositor to whom the bank has made an advance, with exceptions for trust accounts. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks, account holders, consumers, minors, trustees
What does it govern?
Deposit contracts between a bank and an account holder, fees and disclosures related to deposit accounts in banks, ability of state banks to create liens on their assets or secure the repayment of deposits, establishment and operation of deposit accounts for minors in banks, trust accounts with limited documentation
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Texas