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<br />Added by Acts 1993, 73rd Leg, eh. 268, ~ 1, efT Sept. 1, ) 993
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<br />9 2257.044. Custodian as Bailee
<br />(a) A custodian under this chapter or a custodian of a security pledged to an institution of higher
<br />education, as defined by Section 61.003, Education Code, whether acting alone or through a
<br />permitted institution, is for all purposes the bailee or agent of the public entity or institution
<br />depositing the public foods with the depository.
<br />(b) To the extent ofany conflict, Subsection (a) prevails over Chaptcr 8 or 9, Business & Commerce
<br />Code.
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<br />Added by Acts 1993, 73rd Leg, ch. 268, S 1, eff. Sept. I, 1993.
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<br />~ 2257.045, Receipt of Security by Custodian On receipt of an investment security, a custodian
<br />shall:
<br />(1) immediately identify on its books and records, by book entry or another method, the pledge of the
<br />security to the public entity; and
<br />(2) promptly issue and deliver to the appropriate public entity officer a trust receipt for the pledged
<br />security.
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<br />Added by Acts 1993, 73rd Leg, ch, 268, S I, eff. Sept. 1, 1993.
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<br />g 2257,046. Books and Records of Custodian; Inspection
<br />(a) A public entity's custodian shall maintain a separate, accurate., and complete record relatmg to
<br />each pledged investment security and each transaction relating to a pledged investment security
<br />(b) The comptroller or the publ1c entity may examine and verify at any reasonable time a pledged
<br />investment security or a record a custodian maintains under this section. The public entity or its agent
<br />may inspect at any time an investment security evidenced by a trust receipt.
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<br />(c) The public entity's custodian shall file a collateral rcport with the comptroller in the manner and
<br />on the dates prescribed by the comptroller.
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<br />Added by Acts 1993, 73rd Leg. ch. 268, ~ 1, eU, Sept. 1, ) 993, Amended by Acts 1997, 75th Leg,
<br />ch, 891, * 3,18, eft. Sept 1,1997
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<br />~ 2257,047. Books and Records ofPennittcd Institution
<br />(a) A permined institution may apply book entry procedures when an investment security held by a
<br />custodian is deposited under Section 2257,042, " -
<br />(b) A permitted institution's records must at all times state the name of the custodian that deposits an
<br />investment security in the pennitted institution,
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<br />Added by Acts 1993, 73rd Leg, ch, 268, 9 1, eff. Sept. 1, 1993.
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<br />92257,048. Attachment and Perfection of Security Jnterest
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<br />City of San Marcos Investmenl Policy
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