For the purposes of this chapter, a depository is a bank, savings and loan association, credit union, or other banking organization that:

1. (1) receives and holds a deposit of money or the equivalent of money in banking practice or other personal property in this state; or
2. (2) receives and holds such a deposit or other personal property in another state for a person whose last known residence is in this state.

Acts 1983, 68th Leg., p. 3607, ch. 576, Sec. 1, eff. Jan. 1, 1984.

Amended by Acts 1997, 75th Leg., ch. 1037, Sec. 13, eff. Sept. 1, 1997.