Texas Finance Code - Section 59.004. Succession Of Trust Powers
Legal Research Home >
Texas Lawyer > Finance Code > Texas Finance Code - Section 59.004. Succession Of Trust Powers
§ 59.004. SUCCESSION OF TRUST POWERS. (a) If, at the time
of a merger, reorganization, conversion, sale of substantially all
of its assets under Chapter 32 or other applicable law, or sale of
substantially all of its trust accounts and related activities at a
separate branch or other office, a reorganizing or selling
financial institution is acting as trustee, guardian, executor, or
administrator, or in another fiduciary capacity, a successor or
purchasing financial institution with sufficient fiduciary
authority may continue the office, trust, or fiduciary
relationship:
(1) without the necessity of judicial action or action
by the creator of the office, trust, or fiduciary relationship; and
(2) without regard to whether the successor or
purchasing financial institution meets qualification requirements
specified in an instrument creating the office, trust, or fiduciary
relationship other than a requirement related to geographic locale
of account administration, including requirements as to
jurisdiction of incorporation, location of principal office, or
type of financial institution.
(b) The successor or purchasing financial institution may
perform all the duties and exercise all the powers connected with or
incidental to the fiduciary relationship in the same manner as if
the successor or purchasing financial institution had been
originally designated as the fiduciary.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 344, § 2.016, eff. Sept. 1, 1999.
Section: 37.003 37.004 37.005 37.006 59.001 59.002 59.003 59.004 59.005 59.006 59.007 59.008 59.009 59.010 59.011
Last modified: August 10, 2007
|
