Texas Probate Code - Section 105A. Appointment And Service Of Foreign Banks And Trust Companies In Fiduciary Capacity
Legal Research Home >
Texas Lawyer > Probate Code > Texas Probate Code - Section 105A. Appointment And Service Of Foreign Banks And Trust Companies In Fiduciary Capacity
§ 105A. APPOINTMENT AND SERVICE OF FOREIGN BANKS AND TRUST
COMPANIES IN FIDUCIARY CAPACITY. (a) A corporate fiduciary that
does not have its main office or a branch office in this state,
hereinafter called "foreign corporate fiduciaries", having the
corporate power to so act, may be appointed and may serve in the
State of Texas as trustee (whether of a personal or corporate
trust), executor, administrator, guardian of the estate, or in any
other fiduciary capacity, whether the appointment be by will, deed,
agreement, declaration, indenture, court order or decree, or
otherwise, when and to the extent that the home state of the
corporate fiduciary grants authority to serve in like fiduciary
capacity to a corporate fiduciary whose home state is this state.
(b) Before qualifying or serving in the State of Texas in
any fiduciary capacity, as aforesaid, such a foreign corporate
fiduciary shall file in the office of the Secretary of the State of
the State of Texas (1) a copy of its charter, articles of
incorporation or of association, and all amendments thereto,
certified by its secretary under its corporate seal; (2) a duly
executed instrument in writing, by its terms of indefinite duration
and irrevocable, appointing the Secretary of State and his
successors its agent for service of process upon whom all notices
and processes issued by any court of this state may be served in any
action or proceeding relating to any trust, estate, fund or other
matter within this state with respect to which such foreign
corporate fiduciary is acting in any fiduciary capacity, including
the acts or defaults of such foreign corporate fiduciary with
respect to any such trust, estate or fund; and (3) a written
certificate of designation, which may be changed from time to time
thereafter by the filing of a new certificate of designation,
specifying the name and address of the officer, agent or other
person to whom such notice or process shall be forwarded by the
Secretary of State. Upon receipt of such notice or process, it
shall be the duty of the Secretary of State forthwith to forward
same by registered or certified mail to the officer, agent or other
person so designated. Service of notice or process upon the
Secretary of State as agent for such a foreign corporate fiduciary
shall in all ways and for all purposes have the same effect as if
personal service had been had within this state upon such foreign
corporate fiduciary.
(c) Any foreign corporate fiduciary acting in a fiduciary
capacity in this state in strict accordance with the provisions of
this Section shall not be deemed to be doing business in the State
of Texas within the meaning of Article 8.01 of the Texas Business
Corporation Act; and shall be deemed qualified to serve in such
capacity under the provisions of Section 105 of this Code.
(d) The provisions hereof are in addition to, and not a
limitation on, the provisions of Subtitle F or G, Title 3, Finance
Code.
(e) Any foreign corporate fiduciary which shall violate any
provision of this Section 105a shall be guilty of a misdemeanor and,
upon conviction thereof, shall be subject to a fine of not exceeding
Five Thousand Dollars ($5,000.00), and may, in the discretion of
the court, be prohibited from thereafter serving in this state in
any fiduciary capacity.
Added by Acts 1961, 57th Leg., p. 46, ch. 31, § 1, eff. Aug. 28,
1961. Amended by Acts 1995, 74th Leg., ch. 914, § 10, eff. Sept.
1, 1995; Acts 1997, 75th Leg., ch. 769, § 5, eff. Sept. 1, 1997;
Acts 1999, 76th Leg., ch. 344, § 6.002, eff. Sept. 1, 1999; Acts
2001, 77th Leg., ch. 1420, § 6.029, eff. Sept. 1, 2001.
Section: 99 100 101 102 103 104 105 105A 106 107 107A 108 109 110 111
Last modified: August 10, 2007
|
