Texas Finance Code - Section 36.005. Succession Of Trust Powers
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§ 36.005. SUCCESSION OF TRUST POWERS. (a) If a state bank
in the process of voluntary or involuntary dissolution and
liquidation is acting as trustee, guardian, executor,
administrator, or escrow agent, or in another fiduciary or
custodial capacity, the banking commissioner may authorize the sale
of the bank's administration of fiduciary accounts to a successor
entity with fiduciary powers.
(b) The successor entity, without the necessity of action by
a court or the creator or a beneficiary of the fiduciary
relationship, shall:
(1) continue the office, trust, or fiduciary
relationship; and
(2) perform all the duties and exercise all the powers
connected with or incidental to the fiduciary relationship as if
the successor entity had been originally designated as the
fiduciary.
(c) This section applies to all fiduciary relationships,
including a trust established for the benefit of a minor by court
order under Section 142.005, Property Code. This section does not
affect any right of a court or a party to the instrument governing
the fiduciary relationship to subsequently designate another
trustee as the successor fiduciary.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 35.211 35.212 35.213 36.001 36.002 36.003 36.004 36.005 36.101 36.102 36.103 36.104 36.105 36.106 36.107
Last modified: August 10, 2007
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