Texas § LG.117.053 - WITHDRAWAL OF FUNDS

§ LG.117.053. WITHDRAWAL OF FUNDS

WITHDRAWAL OF FUNDS. (a) If a commissioners court selects a new depository under Subchapter B, when the depository qualifies, the county clerk and the district clerk shall transfer the funds in a special account from the old depository to the new depository, and the clerks may draw checks on the accounts for this purpose. (b) Except as provided by Subsection (a), a clerk may not draw a check on special account funds held by a depository except to pay a person entitled to the funds. The payment must be made under an order of the court of proper jurisdiction in which the funds were deposited except that an appeal bond shall be paid without a written order of the court on receipt of mandate or dismissal and funds deposited under Chapter 1355 , Estates Code, may be paid without a written order of the court. The clerk shall place on the check the style and number of the proceeding in which the money was deposited with the clerk. (c) The clerk shall transfer any registry funds into a separate account when directed to by a written order of a court of proper jurisdiction or when the clerk is required to under Chapter 1355 , Estates Code. The clerk shall transfer the funds into a separate account in: (1) interest-bearing deposits in a financial institution doing business in this state that is insured by the Federal Deposit Insurance Corporation; (2) United States treasury bills; (3) an eligible interlocal investment pool that meets the requirements of Sections 2256.016 , 2256.017 , and 2256.019 , Government Code; or (4) a no-load money market mutual fund, if the fund: (A) is regulated by the Securities and Exchange Commission; (B) has a dollar weighted average stated maturity of 90 days or fewer; and (C) includes in its investment objectives the maintenance of a stable net asset value of $1 for each share. Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1989, 71st Leg., ch. 1, Sec. 17(d), eff. Aug. 28, 1989; Acts 1997, 75th Leg., ch. 505, Sec. 13, eff. Sept. 1, 1997. Amended by: Acts 2017, 85th Leg., R.S., Ch. 324 (S.B. 1488 ), Sec. 22.050, eff. September 1, 2017.