In this chapter:

1. (1) "Bank" means a:

   1. (A) bank organized under the laws of this state, another state, or federal law that has its main office or a branch office in this state; or
   2. (B) savings and loan association or savings bank organized under the laws of this state, another state, or federal law that has its main office or a branch office in this state.
2. (2) "Demand deposit" means a deposit of funds that may be withdrawn on the demand of the depositor.
3. (3) "Time deposit" means a deposit of funds subject to a contract between the depositor and the depository under which the depositor may not withdraw any of the funds by check or by another manner until the expiration of a certain period following written notice of the depositor's intent to withdraw the funds.
4. (4) "Subdepository bank" means an authorized bank, other than a depository, that holds demand deposits, not exceeding the Federal Deposit Insurance Corporation's limit, of a district, county, or precinct officer.

Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.

Amended by Acts 1991, 72nd Leg., ch. 527, Sec. 1, eff. Sept. 1, 1991;

Acts 1993, 73rd Leg., ch. 234, Sec. 4, eff. Sept. 1, 1993;

Acts 1999, 76th Leg., ch. 344, Sec. 5.009, eff. Sept. 1, 1999.