Texas § IN.884.251 - DEPOSIT OF COMPANY'S FUNDS

Full text of Texas The Texas Constitution § IN.884.251 — DEPOSIT OF COMPANY'S FUNDS, with citation guidance and answers to common questions.

§ IN.884.251. DEPOSIT OF COMPANY'S FUNDS

DEPOSIT OF COMPANY'S FUNDS. (a) A director, member of a committee, officer, or clerk of a stipulated premium company who has the duty of handling or investing the company's funds shall deposit or invest those funds in the corporate name of the company. (b) An individual described by Subsection (a) may not: (1) borrow the funds of the stipulated premium company; (2) have an interest in any way in a loan, pledge, security, or property of the company, except as shareholder; or (3) take or receive for the individual's use a fee, brokerage, commission, gift, or other consideration for, or on account of, a loan made by or on behalf of the company. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: official Texas text · Last verified 2026-08-27

Related Texas Legal Topics

Frequently Asked Questions About Texas § IN.884.251

What does The Texas Constitution § IN.884.251 cover?

Section IN.884.251 ("DEPOSIT OF COMPANY'S FUNDS") 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.884.251?

A common citation format is "The Texas Constitution § IN.884.251" (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.884.251 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.