Tex. Fin. Code § 96.403

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 96.403 - Enforceability of Loan Promise or Agreement Made By Savings Bank Before Conservatorship or Supervisory Control

If a promise or agreement to lend money is not otherwise unenforceable under Chapter 26, Business & Commerce Code, and if the promise or agreement is made by the savings bank before the savings bank is placed under conservatorship or supervisory control, the promise or agreement or a memorandum of the promise or agreement is enforceable against the savings bank only if the promise or agreement or memorandum:

(1) is in writing and states the material terms of the loan and the loan's repayment;

(2) is signed by an authorized officer or employee of the savings bank and the person to whom the promise or agreement was made; and

(3) is approved by the savings bank's board of directors.

Tex. Fin. Code § 96.403

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. 9/1/1997.