Texas § IN.887.057 - DEPOSIT
Full text of Texas The Texas Constitution § IN.887.057 — DEPOSIT, with citation guidance and answers to common questions.
§ IN.887.057. DEPOSIT
DEPOSIT. (a) An association shall, through the department, deposit with the comptroller an amount equal to the largest risk assumed by the association on any one life or individual. (b) A deposit under this section must be cash or convertible securities subject to approval by the department. (c) A deposit is liable for the payment of any final judgment against the association and is subject to garnishment after a final judgment against the association. (d) An association shall immediately replenish a deposit under this section if the deposit is impounded or depleted. If the association fails to immediately replenish the deposit on demand by the department, the department may consider the association insolvent and take appropriate action. (e) An association may not state in an advertisement, in a letter, in literature, or otherwise that it has made a deposit with the department as required by law, unless the association also states fully: (1) the purpose of the deposit; (2) the conditions under which the deposit is made; and (3) the exact amount and character of the deposit. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Frequently Asked Questions About Texas § IN.887.057
What does The Texas Constitution § IN.887.057 cover?
Section IN.887.057 ("DEPOSIT") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § IN.887.057?
A common citation format is "The Texas Constitution § IN.887.057" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § IN.887.057 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.