Download Texas 00 132 Template

How to Use Texas 00 132

To successfully complete the Texas 00 132 form, one needs to follow a detailed process that ensures the deposit of securities is recorded accurately. This form is crucial for the application for deposit of securities with a custodian, under the guidelines of section 404.031 TEX. GOVT. CODE. Accuracy in filling out this form is imperative to facilitate a smooth transaction. Here are the systematic steps that one should follow to fill out the Texas 00 132 form correctly.

1. Start by printing the form or typing directly into the digital form if available.
2. Enter the Depository Name, which is the name of the institution depositing the securities.
3. Fill in the Routing (ABA) Number associated with the depository institution.
4. Provide the City where the depository is located.
5. Input the Custodian of Securities information and their corresponding Routing (ABA) Number and City.
6. For each security you are depositing, list the Description of Securities by entering each issue's CUSIP, Name, Maturity, Interest Rate, and Par Value Deposited. Ensure to obtain a separate Safekeeping Receipt Number for each CUSIP entered. A maximum of five securities per page is allowed.
7. Check the appropriate box to indicate whether the securities are for State collateral or Pooled collateral.
8. Calculate and enter the TOTAL PAR DEPOSIT for the page.
9. In the section marked DEPOSITORY USE ONLY, print the name and title of the authorized depository representative, provide their signature and date, and include the phone number.
10. Email one signed copy of the form to collateral@cpa.texas.gov.
11. Wait for the Comptroller to approve the form and email a copy to the custodian, who will then execute the deposit form and provide the necessary safekeeping receipt(s) back to both the Comptroller and the depository.

Upon completion of these steps, one should ensure that all entered information is accurate and corresponds correctly to the securities being deposited. It's critical to maintain a copy of this completed form and any correspondence for your records. This documentation will serve as proof of the deposit and may be required for future reference.

Filling out the Texas 00 132 form requires attention to detail and accuracy. Avoiding common mistakes can help ensure a smooth processing of the deposit of securities application. Here are seven common errors people often make:

1. Not typing the information: The form specifically requests that information be typed, not handwritten. This makes the information easier to read and process.

2. Incorrect or incomplete depository name: The full legal name of the depository must be accurately provided, as it ensures proper identification and processing of the securities deposit.

3. Leaving routing (ABA) numbers blank or incorrect: Both the depository and custodian have unique routing numbers that must be correctly filled in. Misplacing these numbers can lead to processing delays.

4. Failing to list securities individually: Each security must be listed with its CUSIP and given a separate safekeeping receipt number. Consolidating them into a single entry can cause inaccuracies in record-keeping.

5. Not indicating the correct type of collateral: The form differentiates between state and pooled collateral. Not checking the appropriate box can lead to misclassification.

6. Omitting contact information: Providing a phone number with the correct area code is mandatory for both the depository and the custodian. This information is crucial for any necessary follow-up or verification.

7. Signature discrepancies: The authorized signatures, along with printed names and titles, must be consistent across all copies of the form. Discrepancies can raise questions about authenticity.

Ensuring that all sections of the Texas 00 132 form are correctly filled out and double-checked can save time and avoid delays in the deposit of securities.

When engaging with the Texas 00 132 form, a few other forms and documents are commonly utilized to ensure a comprehensive approach to the application for deposit of securities with a custodian. These forms and documents facilitate a seamless transaction and compliance with state regulations.

• Form 00-133: Securities Movement Order (SMO) – This form authorizes the transfer of securities from the depositor's account to the custodian, ensuring the physical or electronic movement of securities is recorded and executed properly.
• Form 00-134: Pledge Agreement – Outlines the terms under which securities are pledged as collateral, including the responsibilities of both the depositor and the custodian, to ensure clear understanding and agreement by both parties.
• Form 00-135: Release of Securities Request – Used when the depositor needs to withdraw securities from the custodial arrangement, specifying which securities are to be released and under what conditions.
• Form AP-152: Texas Application for Payee Identification Number – Required for identification and tax purposes, ensuring that interest income and any other financial transactions related to the securities are properly reported to the state.
• Certified Resolution: Board or Committee Approval Document – Official document that evidences the decision by the depositor's board or committee to deposit securities, detailing the purpose and extent of the authority granted to the individuals executing the deposit.
• Opinion of Counsel: Legal Opinion Letter – Provides legal assurance that the deposit of securities complies with applicable laws and the depositor has the legal authority to make the deposit, safeguarding against legal disputes.
• Safekeeping Agreement: Contract between the depositor and the custodian, detailing the custodian’s responsibilities in holding and managing the securities, including terms for reporting, valuation, and fees.
• Form 00-137: Custodian’s Acknowledgment – Document by which the custodian acknowledges receipt of the securities and agrees to the terms of safeguarding and administrating them as per the depositor's instructions and applicable regulations.

Together, these documents form a framework that supports the secure, efficient, and compliant deposit of securities with a custodian, as initially facilitated by the Texas 00 132 form. Each plays a specific role in the transaction, contributing to the integrity and success of the securities deposit process.

The Uniform Commercial Code (UCC) Financing Statement, commonly known as Form UCC-1, shares similarities with the Texas 00-132 form. Both are integral in the registration process of securing interests. While the U00-132 form is specific to the deposit of securities as collateral under Texas Government Code, the UCC-1 form is broader, used nationally for securing liens on personal property, including securities. Both serve to perfect a security interest by publicly recording the interest, thereby notifying potential creditors and third parties of the secured status of the assets in question.

The Texas Business and Commerce Code Assignment of Security Interest functions in a realm close to the 00-132 form, as it pertains to the formal transfer and assignment of security interests held in personal property, which include securities. The key similarity lies in their focus on the legal and proper transfer or pledging of securities, ensuring clear title and the establishment of priority rights amongst creditors. This form, like the 00-132, requires detailed descriptions of the securities being transferred or pledged, including identifiers and conditions of the transfer.

Securities Account Control Agreements present another parallel, particularly concerning the control aspect over securities accounts. These agreements, which often involve the account holder, a secured party, and the securities intermediary, aim to provide the secured party with a level of control over the securities account, mirroring the objective of Texas form 00-132 which is to deposit securities with a custodian for safekeeping and to establish a security interest over those securities. Both documents ensure that the party entitled to the securities has clear and undisputed access and rights to them, often as collateral for a loan or obligation.

The Pledge Agreement, used for pledging assets including securities as collateral, aligns closely with the Texas 00-132 form's core purpose. While the 00-132 form facilitates the actual deposit of securities with a custodian, a Pledge Agreement outlines the terms under which assets are pledged as security, including conditions of default and rights of the pledgee. Both documents are pivotal in the process of using securities to secure obligations, ensuring the pledgee has a prioritized claim on the pledged assets.

Finally, Custodial Agreements resemble the Texas 00-132 form in their focus on the custody and safekeeping of assets, including securities. These agreements typically involve a custodian who holds assets for the benefit of another party, similar to how securities are deposited with a custodian on the Texas 00-132 form. The primary function of both documents is to safeguard assets, ensure their proper management, and maintain clear records of ownership and status, thereby providing security to both the depositor and any potential beneficiaries or creditors.

Completing the Texas 00 132 form is an essential task for entities looking to deposit securities with a custodian as per the Texas Government Code section 404.031. When filling out this form, attention to detail and thoroughness is key. To assist in this process, here are four do's and don'ts to consider:

• Ensure all information is typed: To avoid misunderstandings or delays in processing, all information on the form should be typed rather than handwritten. This includes the depository name, routing numbers, and details of the securities.
• Include accurate security details: List each security issue by its CUSIP and attach a separate Safekeeping Receipt Number for each one. Ensure that the description of securities includes correct maturity, interest rate, and par value.
• Verify ownership and clearance: Confirm that the depository is the legal and actual owner of the securities being deposited, and that these are free from any liens or claims.
• Keep copies for your records: After emailing the signed form to the designated email address, keep a copy of the form and any correspondence for your records. This can be helpful in case of any future disputes or clarifications.

• Exceed the security limit per page: The form allows for a maximum of five securities per page. Ensure not to list more than this limit to comply with the submission guidelines.
• Omit any required signatures: Both the depository and custodian sections require authorized signatures. Failing to include these can result in the rejection of the application.
• Forget to check the appropriate collateral box: Indicate whether the securities are state collateral or pooled collateral. Leaving this blank may lead to processing delays.
• Disregard email confirmation: Once submitted, watch for an email confirmation from the comptroller or any communication that might require additional action. Ignoring follow-up emails can stall the deposit process.

By adhering to these guidelines, you can ensure a smoother process for depositing securities with a custodian in Texas. Remember, accuracy, completeness, and attentiveness to the form's requirements are vital for a successful submission.

Understanding the nuances and correcting misconceptions about the Texas 00 132 form, officially labeled as the Deposit of Securities Application, is crucial for individuals and entities aiming to navigate the process efficiently. This form plays an essential role in the deposit of securities with a custodian under section 404.031 of the TEX. GOVT. CODE. Several myths surrounding this form could lead to confusion or missteps.

• Only financial institutions can use the form: A common misconception is that the Texas 00 132 form is exclusively for financial institutions. However, any depository possessing securities that need to adhere to the requirements set by the Texas Comptroller of Public Accounts can utilize this form. The primary criterion is the legal and actual ownership of the securities free from other liens and claims.

• Submission requires physical mailing: Another misunderstanding is the belief that submissions must be made through physical mail. Although mailing is an option, the form and the accompanying documents can also be sent electronically via email to collateral@cpa.texas.gov, which is often more efficient and quicker.

• The form is for depositing unlimited securities: Some might think that an unlimited number of securities can be deposited using a single Texas 00 132 form. This form, however, specifies that a maximum of five securities per page is allowed, necessitating additional pages for more securities. Each security must be listed with its details, including the CUSIP number and par value.

• It serves as a transaction completion certification: While the form plays a crucial role in the process, merely submitting it does not guarantee that the transaction is complete or accepted. The custodian needs to execute the form and return a copy along with a new safekeeping receipt to both the Comptroller and the depository to confirm the transaction's completion.

• No need for a safekeeping receipt: Some may underestimate the importance of a safekeeping receipt. It’s a vital part of the process, as each security listed on the Texas 00 132 form must have a corresponding safekeeping receipt number. This requirement underscores the significance of documenting the transition and maintaining a clear record of each security deposited.

Dispelling these misconceptions about the Texas 00 132 form ensures that entities are better prepared to comply with the regulations and guidelines, facilitating a smoother transaction process with the Texas Comptroller's office.

Understanding the Texas 00-132 form, a document utilized for the deposit of securities with a custodian, is essential for all parties involved in these transactions. This form plays a critical role within the framework set by section 404.031 of the Texas Government Code. The insights provided here offer a comprehensive overview of the most critical aspects of completing and utilizing this form effectively.

• Complete the form accurately: Ensure that all sections of the Texas 00-132 form are filled out with precise and correct information. This includes the details of the depository and the custodian of securities, along with the routing numbers and cities for both entities.

• Email a signed copy: Once the form has been filled out, a signed copy should be emailed to collateral@cpa.texas.gov for processing. This initial step is crucial for the form’s acceptance and further action.

• Approval process: After the submission, the comptroller reviews the form. Upon approval, the comptroller will email a copy to the custodian, who, in turn, will execute the deposit by returning a copy of the deposit form along with the new safekeeping receipt.

• List of securities: The form requires a detailed listing of each security being deposited. This includes the CUSIP (Committee on Uniform Securities Identification Procedures) number, name, maturity, interest rate, par value, and the safekeeping receipt number associated with each security. A maximum of five securities can be listed per page.

• Depository’s ownership assertion: By completing this form, the depository asserts its legal and actual ownership of the securities being pledged, free and clear of any other liens or claims. This declaration is foundational to the trust placed in the transaction.

• Types of collateral: The form distinguishes between state collateral and pooled collateral. Checking the appropriate box is necessary to categorize the securities correctly, ensuring they are managed according to the specified regulations.

• Communication with the custodian: The form explicitly authorizes the custodian to accept the deposit of securities. It is part of a formal communication process that involves the comptroller’s office, the depository, and the custodian, emphasizing the collaborative nature of handling these securities.

In conclusion, the Texas 00-132 form serves as a comprehensive tool for the deposit of securities, requiring attention to detail and strict adherence to the provided instructions. The form facilitates a transparent process for pledging securities, ensuring that all parties involved maintain their responsibilities and uphold the necessary legal and regulatory standards. Understanding and following these key takeaways will ensure the process flows smoothly and efficiently.