Form 2603 "Automobile Club Assignment of Certificate of Deposit" - Texas

What Is Form 2603?

This is a legal form that was released by the Texas Secretary of State - a government authority operating within Texas. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on May 1, 2019;
  • The latest edition provided by the Texas Secretary of State;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form 2603 by clicking the link below or browse more documents and templates provided by the Texas Secretary of State.

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Form 2603—General Information
(Automobile Club Assignment of Certificate of Deposit)
The attached form is designed to meet minimal statutory filing requirements pursuant to the relevant code
provisions. This form and the information provided are not substitutes for the advice and services of an
attorney.
Commentary
Automobile Clubs are governed by Chapter 722 of the Texas Transportation Code (the “Automobile
Club Services Act”) and the secretary of state’s administrative rules found in 1 Texas Administrative
Code Chapter 75.
Section 722.004 of the Automobile Club Services Act requires an automobile club to accompany an
application for certificate of authority with proof of $25,000 in security. The Automobile Club Services
Act authorizes the secretary of state to approve security offered to satisfy this requirement. The
secretary of state approves and will accept assignments of certificates of deposit containing the
information set forth in this form in satisfaction of the security requirement.
Instructions for Form
• Assignor: Provide the name and mailing address of the person to whom the certificate of deposit
was issued.
• Automobile Club: Provide the name of the automobile club applying for the certificate of
authority. The name of the automobile club must match the name on the application for
certificate of authority. The assignor and the automobile club are typically the same entity.
• Certificate of Deposit: Provide the number used by the financial institution to identify the
certificate of deposit.
• Financial Institution: Provide the name and mailing address of the financial institution or
credit union that issued the certificate of deposit. The issuing financial institution or credit union
must be either: (1) a financial institution in Texas whose deposits are insured by the Federal
Deposit Insurance Corporation or the Savings Association Insurance Fund; or (2) a credit union
insured by the National Credit Union Administration.
• Agreement & Understanding of the Parties: A person who is authorized to sign on behalf of
the assignor must sign and date the assignment.
• Acknowledgement by Financial Institution: Before the assignment form is submitted to the
secretary of state, a person authorized to sign on behalf of the issuing financial institution or
credit union must sign and date the assignment.
• Receipt for Security & Directions to Pay Earnings: Leave this section blank. Upon filing, the
secretary of state will execute this section authorizing the issuing financial institution or credit
union to pay any earnings on the certificate of deposit to the Assignor and send a copy of the
filed Assignment of Certificate of Deposit to the financial institution or credit union.
Delivery Instructions: A copy of the document issued by the financial institution or credit union
that evidences the existence of the certificate of deposit must be filed along with the executed
assignment form. The documents may be mailed to Registrations Unit, P.O. Box 13193, Austin,
Texas 78711-3193 or delivered to the James Earl Rudder Office Building, 1019 Brazos, Austin,
Texas 78701.
Revised 05/2019
Form 2603
1
Form 2603—General Information
(Automobile Club Assignment of Certificate of Deposit)
The attached form is designed to meet minimal statutory filing requirements pursuant to the relevant code
provisions. This form and the information provided are not substitutes for the advice and services of an
attorney.
Commentary
Automobile Clubs are governed by Chapter 722 of the Texas Transportation Code (the “Automobile
Club Services Act”) and the secretary of state’s administrative rules found in 1 Texas Administrative
Code Chapter 75.
Section 722.004 of the Automobile Club Services Act requires an automobile club to accompany an
application for certificate of authority with proof of $25,000 in security. The Automobile Club Services
Act authorizes the secretary of state to approve security offered to satisfy this requirement. The
secretary of state approves and will accept assignments of certificates of deposit containing the
information set forth in this form in satisfaction of the security requirement.
Instructions for Form
• Assignor: Provide the name and mailing address of the person to whom the certificate of deposit
was issued.
• Automobile Club: Provide the name of the automobile club applying for the certificate of
authority. The name of the automobile club must match the name on the application for
certificate of authority. The assignor and the automobile club are typically the same entity.
• Certificate of Deposit: Provide the number used by the financial institution to identify the
certificate of deposit.
• Financial Institution: Provide the name and mailing address of the financial institution or
credit union that issued the certificate of deposit. The issuing financial institution or credit union
must be either: (1) a financial institution in Texas whose deposits are insured by the Federal
Deposit Insurance Corporation or the Savings Association Insurance Fund; or (2) a credit union
insured by the National Credit Union Administration.
• Agreement & Understanding of the Parties: A person who is authorized to sign on behalf of
the assignor must sign and date the assignment.
• Acknowledgement by Financial Institution: Before the assignment form is submitted to the
secretary of state, a person authorized to sign on behalf of the issuing financial institution or
credit union must sign and date the assignment.
• Receipt for Security & Directions to Pay Earnings: Leave this section blank. Upon filing, the
secretary of state will execute this section authorizing the issuing financial institution or credit
union to pay any earnings on the certificate of deposit to the Assignor and send a copy of the
filed Assignment of Certificate of Deposit to the financial institution or credit union.
Delivery Instructions: A copy of the document issued by the financial institution or credit union
that evidences the existence of the certificate of deposit must be filed along with the executed
assignment form. The documents may be mailed to Registrations Unit, P.O. Box 13193, Austin,
Texas 78711-3193 or delivered to the James Earl Rudder Office Building, 1019 Brazos, Austin,
Texas 78701.
Revised 05/2019
Form 2603
1
Form #2603
Rev. 05/2019
This space reserved for office use
Submit to:
SECRETARY OF STATE
Registrations Unit
P O Box 13193
Austin, TX 78711-3193
512-475-0775
AUTOMOBILE CLUB
512-475-2815 - Fax
ASSIGNMENT OF CERTIFICATE
Filing Fee: None.
OF DEPOSIT
ASSIGNOR
Name:
Mailing Address
City
State
Zip
AUTOMOBILE CLUB
Name:
CERTIFICATE
Number:
Payee: The State of Texas
OF DEPOSIT
Amount:
twenty-five thousand dollars ($25,000.00)
FINANCIAL
Name:
INSTITUTION
Mailing Address
City
State
Zip
AGREEMENT & UNDERSTANDING OF THE PARTIES
In order to obtain a certificate of authority for the automobile club specified (the “auto club”) and for the
purpose of providing security for injuries caused by the auto club’s failure to faithfully perform in selling or
providing club services or failure to pay any fines or penalties levied against the auto club for failure to
comply with the provisions of the Automobile Club Services Act, Transportation Code Chapter 722, the
ASSIGNOR specified, for the benefit of the state or any party injured by the auto club’s failure to faithfully
perform in selling or providing club services, in the name of the auto club, assigns and sets over irrevocably
to the secretary of state any and all right, title, claim and interest of whatever nature of ASSIGNOR in and to
the CERTIFICATE OF DEPOSIT (“CD”) described above.
ASSIGNOR agrees that this assignment carries with it the right to any insurance on the CD that may now or
in the future exist and includes and gives to the secretary of state the exclusive right to redeem, collect and
withdraw at any time any part of or the full amount of the CD to be applied as a payment to the state or to
any party injured by the auto club’s failure to faithfully perform in selling or providing club services. (The
right of the secretary of state to apply the CD shall not be affected by a subsequent change in the trade name
or business location of the person or entity on whose behalf this assignment is executed.)
ASSIGNOR understands and agrees that by this assignment all right, title and claim to interest in, use of and
control over the disposition of the CD is relinquished and that such CD is to be held by the financial
institution identified to the sole use and subject to the exclusive control of the secretary of state. This CD
may be released only by the secretary of state’s written direction.
This is notification by the ASSIGNOR to the financial institution of the terms of this assignment.
Date:
Signature of authorized person for ASSIGNOR
Printed or typed name of authorized person for ASSIGNOR
ACKNOWLEDGEMENT BY FINANCIAL INSTITUTION
The FINANCIAL INSTITUTION acknowledges the assignment of this CERTIFICATE OF DEPOSIT
(“CD”) to the secretary of state. We certify that we have recorded the assignment and have retained a copy.
We certify that we do not have, nor do we have knowledge of, anyone else having any lien, encumbrance,
right, hold, claim to or obligation of the CD. We accept the CD with knowledge that it has been irrevocably
Form 2603
2
posted for and on behalf of the state or any party injured by the auto club’s failure to faithfully perform in
selling or providing club services and we agree to act as the sole agent for the purpose of holding this
security for the secretary of state’s exclusive use. We agree not to release, make payment, or otherwise
divert or dispose of the CD except in accordance with the written instructions of the secretary of state. It is
understood that notice to or consent of the ASSIGNOR to disposition of the CD by the secretary of state
shall not be required. We further agree not to exercise any offset rights we may have with respect to this CD
or to otherwise impede, hinder, delay, prevent, obstruct or interfere with the secretary of state’s right to
redeem and collect this CD promptly.
Date:
Signature of authorized person for FINANCIAL INSTITUTION
Printed or typed name of authorized person for FINANCIAL INSTITUTION
RECEIPT FOR SECURITY & DIRECTIONS TO PAY EARNINGS
The secretary of state acknowledges receipt of the assignment of the CERTIFICATE OF DEPOSIT (“CD”)
for the automobile club identified. The FINANCIAL INSTITUTION is authorized and directed to pay any
earnings on the CD to the ASSIGNOR until otherwise notified by mail from the secretary of state.
Date:
Signature of authorized person for SECRETARY OF STATE
Printed or typed name of authorized person for SECRETARY OF STATE
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