Case Information
*1 OFFICE OF THE ATTORNEY GENERAL OF TEXAS AUSTIN lioaorable Je8ro Jam00
Elate Trewurer Tear
main,
Be:
n upon the abore lrtto1e no. MO, 8 u&/or etoekhold- nm, rhore rheraboutm riquidatioo. ng Code OS 1943, inucw- 0 Bill No. W an parsed by eI appears to l uperoede wml re- oua ArCirlem md Aotr by rbioh St8te Treasurer boldm tbe 8bme respcatiully request rour opinion on the following qucmtfonsr
l. nh%ld all o r my pert or the
(14 ,fMC.fi? DW the state T’rers- urer im the Dir~olutloa of Oolrent Cor-
poratiom Fund be transmitted oljte Ywlkl4 cooimlr*ion?
591 sonor.bl. JO880 JM~ - page
l P. Should the Yt.te trewurer~8 rcoords, iwloding led@ra, deparitors .ndjor st.okholdsrs ilst, to~.tb.r mith eorrespomdenoe pOrtaltIing to same bm surrendered to tbe Ctrte lank&g Coa- eimmlonmrl 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 the to 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. ro1unt.w llquidstion, and 80 lu as pertinent bare 18 as tol1or.r
.o l 0, ritMa mix vontbs biter 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 the prwfdent and secretury, 0r the name8 eC 811 depositor. 618imd or hav+ reaeired balames ts .ho b.ve net aredltors or duo tbam rsspesti~rly, and to thsir credit tlls the 8u.e sit& the 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 cap&t& stock, gurrunty srA indaait~ rund uml .ll other l 8sets o r tbc precee3. tbere- or uion(c thr stooktwlder8 rotsblyl aad the bourd directors 8&all thereupon rile La etrice of the nuakhg cosmi8810n.r 8 car- tiriwte eorporuce rranohire.~ surrardriag rhis Artiole ma* * purt fit10 16 e ac- ri.ed Cl+11 St8tutes et 1028, &ml, 8. you .ar, b.. been repealed by the 6ompehensire Aot OF 48th L~i.lrtu~e, kn0.n 88 tom8 tanktag code of 1943, d is thertrort no part or the pereot statutes.
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 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 Trearurar, in parau8nae ths tertas of Artiole MO shils it was an existing lrs, thee- upOn rested in the orners 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 railable ror non-elaiadng dspoait- ore and areditors, together sitb all funds pursuant to tbe prwisioas oi Artiels MO of the Imimed Civil BtM.utsa at Texas, (which latter funds shall be tr8namitted lq Treasurer Commlaaloner, ~to- getber with a list e? the depositors rnd for whose benefit the au60 is held), shall be deposited by tbe CoaEiraioner in one more stute banks benefit of 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 v. The state of Califorsia, (VA) MI I&urn ed. 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;entioned by you should -be tr#nrrPitted to the 8t.te Bunking Co6mirnlonSr. There should .oaonp.ay this trmmtiraion
w. list at the depositors .hoae bene- 8.&e is held*, and this list should of' 8our.e fit inolude the reapeotiv~.mountr due to ruob depositors .Dd oredLtOr8, .nd 1ika.l.e the uLiSg the deposit. fbo Freaaurer should not trunemit to the Cozmciaaioner the reoords, ledgers, li8ts .nd oorrespondenoe perteln- ing to same, lnoe they constitute a part of the per- . mnent srohi~es 0r his ofrlee. Fhoae lists traneprittul
to the banking Colr;eiaeioner should be sertiried under the band and seal Treasurer.
3. The transm.lselon by the State Treasurer to the banicing cormi8sioner the li8t8 mentioned in Anarer 1 relieves his of all fUtUIV re8ponalbllit~ and lirblllty the trust pretlourl~ being sdministered by in regard MB. ._I Yew truly yours
ATTWNEX LiEQZRAt 01‘ TFXA