State Codes and Statutes

Statutes > Texas > Government-code > Title-9-public-securities > Chapter-1206-replacement-for-damaged-destroyed-lost-or-stolen-public-securities

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE A. GENERAL PROVISIONS

CHAPTER 1206. REPLACEMENT FOR DAMAGED, DESTROYED, LOST, OR STOLEN

PUBLIC SECURITIES

SUBCHAPTER A. REPLACEMENT PROCEDURES IN ABSENCE OF PROCEDURES

PRESCRIBED IN ORIGINAL BOND RESOLUTION, ORDER, OR ORDINANCE

Sec. 1206.001. DEFINITION. In this subchapter, "issuer" means

this state, a department, agency, or instrumentality of this

state, or a municipal corporation or other political subdivision

of this state that is authorized to borrow money and issue bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.002. ISSUANCE OF REPLACEMENT BOND. (a) An issuer

may, without an election, issue a bond:

(1) to be exchanged for a damaged bond; or

(2) to replace a destroyed, lost, or stolen bond.

(b) A replacement bond may be issued under this subchapter only

for a bond that is outstanding and that was lawfully issued.

(c) A replacement bond issued under Subsection (a)(2) must be

issued on indemnity satisfactory to:

(1) the issuer; and

(2) the trustee if the bond being replaced is secured by a trust

indenture.

(d) An issuer may require an affidavit or another form of

evidence satisfactory to the issuer to establish ownership and

the circumstances of the damage, destruction, loss, or theft of

the bond.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.003. EFFECT AND FORM OF REPLACEMENT BOND. (a) A

replacement bond issued under this subchapter must be of like

tenor and effect as the bond that it is issued to replace.

(b) A replacement bond issued under this subchapter must bear a

date specified by the issuer and must be signed as provided by

law by the officers of the issuer holding office when the

replacement bond is issued.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.004. ATTORNEY GENERAL APPROVAL. (a) A replacement

bond issued under this subchapter must be submitted to the

attorney general for approval.

(b) If the attorney general finds that the replacement bond has

been issued in accordance with this subchapter, the attorney

general shall:

(1) approve the bond; and

(2) send the bond to the comptroller for registration.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.005. REGISTRATION. (a) The comptroller shall

register a replacement bond received under Section 1206.004 in

the same manner as the original bond was registered, giving it

the same registration number as the original bond, except that

the registration number must be preceded by the letter "R."

(b) The comptroller shall date the registration certificate as

of the date of registration of the replacement bond.

(c) Before registering a bond issued to replace a damaged bond,

the comptroller shall cancel the bond being replaced and return

that bond to the issuer. The comptroller shall register another

bond authorized under this subchapter on certification from the

attorney general that the bond is being issued to replace a lost,

stolen, or destroyed bond.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.006. FORM AND IDENTITY CHANGES. (a) An applicant to

the comptroller for replacement under this subchapter of a bond

that is damaged, destroyed, lost, or stolen and that, as

described in the application, does not appear in the

comptroller's records in the form and bear the identity

originally registered by the comptroller must provide to the

comptroller a chronology of the changes from the original,

registered form and identity.

(b) The chronology must enable the comptroller, under the

comptroller's rules, to trace the changes in form and identity of

the bond to the original, registered form and identity.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

SUBCHAPTER B. REPLACEMENT PROCEDURES AS PRESCRIBED IN ORIGINAL

PUBLIC SECURITY AUTHORIZATION

Sec. 1206.021. DEFINITIONS. In this subchapter, "issuer,"

"public security," and "public security authorization" have the

meanings assigned by Section 1201.002.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.022. PRESCRIPTION OF PROCEDURES IN ORIGINAL PUBLIC

SECURITY AUTHORIZATION. The governing body of an issuer may

provide procedures for the replacement of lost, stolen,

destroyed, or mutilated public securities or interest coupons in

the manner prescribed in the public security authorization.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.023. EXCEPTION TO APPROVAL REQUIREMENT. (a) If the

duty to replace a public security or interest coupon is imposed

on a corporate trustee under a trust agreement or indenture or on

a paying agent for the public security, the attorney general is

not required to approve and the comptroller is not required to

register:

(1) the replacement public security or interest coupon; or

(2) the public security delivered on exchange of the previously

issued public security.

(b) A replacement public security or interest coupon is valid

and incontestable in the same manner and with the same effect as

the previously issued public security.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

State Codes and Statutes

Statutes > Texas > Government-code > Title-9-public-securities > Chapter-1206-replacement-for-damaged-destroyed-lost-or-stolen-public-securities

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE A. GENERAL PROVISIONS

CHAPTER 1206. REPLACEMENT FOR DAMAGED, DESTROYED, LOST, OR STOLEN

PUBLIC SECURITIES

SUBCHAPTER A. REPLACEMENT PROCEDURES IN ABSENCE OF PROCEDURES

PRESCRIBED IN ORIGINAL BOND RESOLUTION, ORDER, OR ORDINANCE

Sec. 1206.001. DEFINITION. In this subchapter, "issuer" means

this state, a department, agency, or instrumentality of this

state, or a municipal corporation or other political subdivision

of this state that is authorized to borrow money and issue bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.002. ISSUANCE OF REPLACEMENT BOND. (a) An issuer

may, without an election, issue a bond:

(1) to be exchanged for a damaged bond; or

(2) to replace a destroyed, lost, or stolen bond.

(b) A replacement bond may be issued under this subchapter only

for a bond that is outstanding and that was lawfully issued.

(c) A replacement bond issued under Subsection (a)(2) must be

issued on indemnity satisfactory to:

(1) the issuer; and

(2) the trustee if the bond being replaced is secured by a trust

indenture.

(d) An issuer may require an affidavit or another form of

evidence satisfactory to the issuer to establish ownership and

the circumstances of the damage, destruction, loss, or theft of

the bond.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.003. EFFECT AND FORM OF REPLACEMENT BOND. (a) A

replacement bond issued under this subchapter must be of like

tenor and effect as the bond that it is issued to replace.

(b) A replacement bond issued under this subchapter must bear a

date specified by the issuer and must be signed as provided by

law by the officers of the issuer holding office when the

replacement bond is issued.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.004. ATTORNEY GENERAL APPROVAL. (a) A replacement

bond issued under this subchapter must be submitted to the

attorney general for approval.

(b) If the attorney general finds that the replacement bond has

been issued in accordance with this subchapter, the attorney

general shall:

(1) approve the bond; and

(2) send the bond to the comptroller for registration.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.005. REGISTRATION. (a) The comptroller shall

register a replacement bond received under Section 1206.004 in

the same manner as the original bond was registered, giving it

the same registration number as the original bond, except that

the registration number must be preceded by the letter "R."

(b) The comptroller shall date the registration certificate as

of the date of registration of the replacement bond.

(c) Before registering a bond issued to replace a damaged bond,

the comptroller shall cancel the bond being replaced and return

that bond to the issuer. The comptroller shall register another

bond authorized under this subchapter on certification from the

attorney general that the bond is being issued to replace a lost,

stolen, or destroyed bond.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.006. FORM AND IDENTITY CHANGES. (a) An applicant to

the comptroller for replacement under this subchapter of a bond

that is damaged, destroyed, lost, or stolen and that, as

described in the application, does not appear in the

comptroller's records in the form and bear the identity

originally registered by the comptroller must provide to the

comptroller a chronology of the changes from the original,

registered form and identity.

(b) The chronology must enable the comptroller, under the

comptroller's rules, to trace the changes in form and identity of

the bond to the original, registered form and identity.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

SUBCHAPTER B. REPLACEMENT PROCEDURES AS PRESCRIBED IN ORIGINAL

PUBLIC SECURITY AUTHORIZATION

Sec. 1206.021. DEFINITIONS. In this subchapter, "issuer,"

"public security," and "public security authorization" have the

meanings assigned by Section 1201.002.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.022. PRESCRIPTION OF PROCEDURES IN ORIGINAL PUBLIC

SECURITY AUTHORIZATION. The governing body of an issuer may

provide procedures for the replacement of lost, stolen,

destroyed, or mutilated public securities or interest coupons in

the manner prescribed in the public security authorization.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.023. EXCEPTION TO APPROVAL REQUIREMENT. (a) If the

duty to replace a public security or interest coupon is imposed

on a corporate trustee under a trust agreement or indenture or on

a paying agent for the public security, the attorney general is

not required to approve and the comptroller is not required to

register:

(1) the replacement public security or interest coupon; or

(2) the public security delivered on exchange of the previously

issued public security.

(b) A replacement public security or interest coupon is valid

and incontestable in the same manner and with the same effect as

the previously issued public security.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.


State Codes and Statutes


Back To Homepage

State Codes and Statutes

Statutes > Texas > Government-code > Title-9-public-securities > Chapter-1206-replacement-for-damaged-destroyed-lost-or-stolen-public-securities

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE A. GENERAL PROVISIONS

CHAPTER 1206. REPLACEMENT FOR DAMAGED, DESTROYED, LOST, OR STOLEN

PUBLIC SECURITIES

SUBCHAPTER A. REPLACEMENT PROCEDURES IN ABSENCE OF PROCEDURES

PRESCRIBED IN ORIGINAL BOND RESOLUTION, ORDER, OR ORDINANCE

Sec. 1206.001. DEFINITION. In this subchapter, "issuer" means

this state, a department, agency, or instrumentality of this

state, or a municipal corporation or other political subdivision

of this state that is authorized to borrow money and issue bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.002. ISSUANCE OF REPLACEMENT BOND. (a) An issuer

may, without an election, issue a bond:

(1) to be exchanged for a damaged bond; or

(2) to replace a destroyed, lost, or stolen bond.

(b) A replacement bond may be issued under this subchapter only

for a bond that is outstanding and that was lawfully issued.

(c) A replacement bond issued under Subsection (a)(2) must be

issued on indemnity satisfactory to:

(1) the issuer; and

(2) the trustee if the bond being replaced is secured by a trust

indenture.

(d) An issuer may require an affidavit or another form of

evidence satisfactory to the issuer to establish ownership and

the circumstances of the damage, destruction, loss, or theft of

the bond.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.003. EFFECT AND FORM OF REPLACEMENT BOND. (a) A

replacement bond issued under this subchapter must be of like

tenor and effect as the bond that it is issued to replace.

(b) A replacement bond issued under this subchapter must bear a

date specified by the issuer and must be signed as provided by

law by the officers of the issuer holding office when the

replacement bond is issued.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.004. ATTORNEY GENERAL APPROVAL. (a) A replacement

bond issued under this subchapter must be submitted to the

attorney general for approval.

(b) If the attorney general finds that the replacement bond has

been issued in accordance with this subchapter, the attorney

general shall:

(1) approve the bond; and

(2) send the bond to the comptroller for registration.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.005. REGISTRATION. (a) The comptroller shall

register a replacement bond received under Section 1206.004 in

the same manner as the original bond was registered, giving it

the same registration number as the original bond, except that

the registration number must be preceded by the letter "R."

(b) The comptroller shall date the registration certificate as

of the date of registration of the replacement bond.

(c) Before registering a bond issued to replace a damaged bond,

the comptroller shall cancel the bond being replaced and return

that bond to the issuer. The comptroller shall register another

bond authorized under this subchapter on certification from the

attorney general that the bond is being issued to replace a lost,

stolen, or destroyed bond.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.006. FORM AND IDENTITY CHANGES. (a) An applicant to

the comptroller for replacement under this subchapter of a bond

that is damaged, destroyed, lost, or stolen and that, as

described in the application, does not appear in the

comptroller's records in the form and bear the identity

originally registered by the comptroller must provide to the

comptroller a chronology of the changes from the original,

registered form and identity.

(b) The chronology must enable the comptroller, under the

comptroller's rules, to trace the changes in form and identity of

the bond to the original, registered form and identity.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

SUBCHAPTER B. REPLACEMENT PROCEDURES AS PRESCRIBED IN ORIGINAL

PUBLIC SECURITY AUTHORIZATION

Sec. 1206.021. DEFINITIONS. In this subchapter, "issuer,"

"public security," and "public security authorization" have the

meanings assigned by Section 1201.002.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.022. PRESCRIPTION OF PROCEDURES IN ORIGINAL PUBLIC

SECURITY AUTHORIZATION. The governing body of an issuer may

provide procedures for the replacement of lost, stolen,

destroyed, or mutilated public securities or interest coupons in

the manner prescribed in the public security authorization.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1206.023. EXCEPTION TO APPROVAL REQUIREMENT. (a) If the

duty to replace a public security or interest coupon is imposed

on a corporate trustee under a trust agreement or indenture or on

a paying agent for the public security, the attorney general is

not required to approve and the comptroller is not required to

register:

(1) the replacement public security or interest coupon; or

(2) the public security delivered on exchange of the previously

issued public security.

(b) A replacement public security or interest coupon is valid

and incontestable in the same manner and with the same effect as

the previously issued public security.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.


Disclaimer
There is no confidential attorney-client relationship formed by using Laws.com website and information provided on this site is not legal advice. For legal advice, please contact your attorney. Attorneys listed on this website are not referred or endorsed by this website. By using Laws.com you agree to Laws.com Terms Of Use.
Copyright © 2017 Laws.com | All rights reserved

Loading..

Close Window

Loading, Please Wait!

This may take a second or two.