Texas § FI.62.307 - PROPERTY AND OBLIGATIONS OF CONVERTED ASSOCIATION
Full text of Texas The Texas Constitution § FI.62.307 — PROPERTY AND OBLIGATIONS OF CONVERTED ASSOCIATION, with citation guidance and answers to common questions.
§ FI.62.307. PROPERTY AND OBLIGATIONS OF CONVERTED ASSOCIATION
PROPERTY AND OBLIGATIONS OF CONVERTED ASSOCIATION. (a) The property of an association converted to a bank or savings bank immediately by operation of law vests in the bank or savings bank. (b) The bank or savings bank: (1) holds the property in its own right to the extent it was held by the association that was converted; and (2) succeeds to the obligations and relations of the association that was converted on the date the conversion takes effect. (c) A pending judicial proceeding to which the association that was converted is a party is not abated or discontinued by reason of the conversion and may be prosecuted to final judgment, order, or decree as if the conversion had not occurred. (d) The bank or savings bank may continue a pending action in its own corporate name. A judgment, order, or decree that might have been rendered for or against the association that was converted may be rendered for or against the bank or savings bank. (e) In this section, "property" has the meaning assigned by Section 62.259(e). Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. SUBCHAPTER H. REORGANIZATION, MERGER, AND CONSOLIDATION
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § FI.62.307
What does The Texas Constitution § FI.62.307 cover?
Section FI.62.307 ("PROPERTY AND OBLIGATIONS OF CONVERTED ASSOCIATION") 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 § FI.62.307?
A common citation format is "The Texas Constitution § FI.62.307" (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 § FI.62.307 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.