Sec. 117.120. CUSTODIANSHIP. A clerk shall act only in a custodial capacity regarding the registry fund, is not considered to be a trustee for the beneficial owner, and is not considered to have assumed the duties, obligations, or liabilities of a trustee for the beneficial owner.
Added by Acts 1989, 71st Leg., ch. 1, Sec. 17(b), eff. Aug. 28, 1989. Amended by Acts 1999, 76th Leg., ch. 196, Sec. 3, eff. Aug. 30, 1999.
Section: Previous 117.084 117.111 117.112 117.113 117.114 117.115 117.116 117.117 117.118 117.119 117.120 117.121 117.122 117.123 117.124 NextLast modified: September 28, 2016