Texas Finance Code 154.353 – Deposit of Fund or Portion of Fund
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(a) The fund or a portion of the fund may be deposited:
(1) with the comptroller;
(2) with a federally insured financial institution that has its main office or a branch in this state; or
(3) in trust with a financial institution that has its main office or a branch in this state and is authorized to act as a fiduciary in this state.
(b) If the fund or a portion of the fund is deposited with the comptroller, the comptroller shall manage the deposit as trustee of money outside the state treasury.
Terms Used In Texas Finance Code 154.353
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.