105.054 – SURRENDER OF INTEREST ON SECURITIES. Except as
Texas Local Government Code § 105.054
Summary
This law mandates that municipalities must surrender interest coupons or evidence of interest on securities when requested by a municipal depository. This applies as long as the remaining pledged securities meet the necessary requirements outlined in the law.
Municipalities must surrender interest upon request from depositories.
Surrender is required only if securities are adequate.
Follows collateral policies set by the municipality.
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In simple terms: Learn about Texas's SURRENDER OF INTEREST ON SECURITIES. Except as law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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