Case Information
*1 OFFICE OF THE A’ITORNEYGENERAL OF TEXAS
AUSTIN
0-C.- YnollzI om-
Honorable E. X. HodSeaes page S
oontrol of the tunda, thus ao inoreaw in the prinolpal 88 the F&L&# do mot pey in- tmreat on the deposits, but it inrwte& in igvemrsent ssaurities them would be aa &W ortmse by interest aaoruald, thus be a financial bencfit.w
Saction 4 o? Artlcls 1586a, Veraon*r Aunotatod cltil btatutois, provides a6 followat
*As soon ab said deporltory Ime ~uall- fled au providea by law and has beea approve& by the Coramlaelonerr Oourt, 6alQ Gourt shall make and enter an order upon the ainutm, dwlgoating euoh bank&q oorporatlon, armcla- tion, or intl$vlUual baukg as.Couaty Deporl- tory for Truet FuntIe until the $r&ua8ioa and ~uallfioatfon of a 6ucewmorC, aad thcw upon it shall bc t&c duty of the Oounty amd Diatriat olsrks of such county to deporlt all Tru6t Nids in their pxee6rioa with au& drpo#lliory in the manner herclaattor pziwii~$ in the efent.,~ new drporito profiWl, not been selected and pualtficd by Apri lsth
z mmosmllng the tena of Court at nhioh a do ori- - tory Is required to be eeleate6 au mzpA?a i ~. bythln Aot, than the $mm of m8h d.Dository ' shall ~snd aud all Trust Fun&c ~dur or on drpo8it
shall be paid to the Clerk in whose name the aoaouut is carrl&*
Your attrntion 1.s further dlrwte6 to tha radow .otbr raotionu of Article B555e mugzab regarding the trawfer of fun40 to a new depository, wlth4rawal of bepoafto duty to dsporlt Trutat Fund aoeount, and ratious other alow regarding varioue o&uditlons an atlt fort& in #uah o&p- tw*
Wle do not think that fleetion 1 and Section la oi Arti0L.e Et&a, Vernon's .&motatsd Civil Statute, authorize the dietriot and county olerkr to lnr6tat tha trust $!I&# in their posseeeion in the various recurltiea nmntlaned themin. we have RU&I a aarsful ssamb of the statutes and have failed to rind any statute authorizing tba district au4 oounty olerks to lmwst the trust Sundu in their pO138eedOIl in any swuritisrr of the United Statce Government or any other ueourl- tiee of any other nature. we dQ not think that a aiatriot *3 mnorable H. A. Hodgas, Page 3
ole.rk or county olerk ha8 any paer to imest trwt funds whloh are Lu his possesrrion unless auoh p3war ha@ boon sspasaly or inplietlly oonrerred upn Urn by the lawn of this State. 'iharefors, FYVB respotrully tmswer your rime
uestion in ths negative.
Aae aa have answered your first c;usetion in thr negative, your sacond c;uestion beoomes moot and raquireir IL0 enewer.
Trusting that tha foregoing fully anawora~your inquiry, we are
Vefery truly yourr