Sec. 186.304.  SECURED CLAIM.  (a)  The owner of a secured deposit may file a claim as a creditor against a state trust company in liquidation.  The value of security shall be determined under supervision of the court by converting the security into money.
(b)  The owner of a secured claim against a state trust company in liquidation may:
(1)  surrender the security and file a claim as a general creditor;  or
(2)  apply the security to the claim and discharge the claim.
(c)  If the owner applies the security and discharges the claim under Subsection (b), any deficiency shall be treated as a claim against the general assets of the state trust company on the same basis as a claim of an unsecured creditor.  The amount of the deficiency shall be determined as provided by Section 186.305, except that if the amount of the deficiency has been adjudicated by a court in a proceeding in which the receiver has had notice and an opportunity to be heard, the court's decision is conclusive as to the amount.
(d)  The value of security held by a secured creditor shall be determined under supervision of the court by:
(1)  converting the security into money according to the terms of the agreement under which the security was delivered to the creditor;  or
(2)  agreement, arbitration, compromise, or litigation between the creditor and the receiver.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.