Texas Finance Code - Section 36.107. Fiduciary Activities
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§ 36.107. FIDUCIARY ACTIVITIES. (a) As soon after
publication of the notice of dissolution as is practicable, the
bank shall:
(1) terminate all fiduciary positions it holds;
(2) surrender all property held by it as a fiduciary;
and
(3) settle its fiduciary accounts.
(b) Unless all fiduciary accounts are settled and
transferred by the last date specified in published notices or by
the banking commissioner and unless the banking commissioner
directs otherwise, the bank shall mail a notice to each trustor and
beneficiary of any remaining trust, escrow arrangement, or other
fiduciary relationship. The notice must state:
(1) the location of an office open during normal
business hours where administration of the remaining fiduciary
accounts will continue until settled or transferred; and
(2) a telephone number at that office.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.005 36.101 36.102 36.103 36.104 36.105 36.106 36.107 36.108 36.109 36.110 36.111 36.112 36.201 36.202
Last modified: August 10, 2007
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