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Tex. Fin. Code § 93.009

RIGHT TO ACT TO AVOID LOSS

Known as the Texas Savings Bank Act

The act spans §§ 91–119 (255 sections).

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff

(a) This subtitle does not deny a savings bank the right to invest its money, operate a business, manage or deal in property, or take other action during any period that is reasonably necessary to avoid loss on a loan or on an investment made or obligation created in good faith in the usual course of the bank's business, as authorized by this subtitle or a rule adopted under this subtitle.

(b) This subtitle does not prohibit a savings bank from:

(1) developing or building on land it has acquired under this section; or

(2) completing the construction of a building under a construction loan contract in which the borrower has not complied with the contract.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.