SECTION 53.182. Governing Law

The governing law provisions for letter of credit and reimbursement agreements, bond purchase agreements, remarketing agreements, and similar agreements may be that of the state of domicile of the bank or financial institution, but the rights, duties, and liabilities of the issuer of the bonds must be governed by Texas law. The trust indenture must be governed by Texas law, but the rights, duties, and obligations of the trustee may be interpreted and construed according to the laws of the trustee's state of domicile. Except as provided in this section, all other documents to which the issuer of the bonds is a party shall contain a provision to the effect that such document shall be governed by and construed in accordance with the laws of the State of Texas.

Source Note: The provisions of this §53.182 adopted to be effective November 14, 1990, 15 TexReg 6289.