Texas Property Code § 161.025 Redelivery Of Security Held By Nominee

Sec. 161.025. REDELIVERY OF SECURITY HELD BY NOMINEE. (a) A bank holding a security in the name of a nominee of the bank under this subchapter may not redeliver the security to the individual fiduciary who authorized its registration in the name of the nominee without registering the security in the name of the individual fiduciary, as fiduciary.

(b) A sale of the security by the bank at the direction of the individual fiduciary is not a redelivery.

Acts 1983, 68th Leg., p. 3717, ch. 576, Sec. 1, eff. Jan. 1, 1984.

Section: Previous  161.001  161.002  161.021  161.022  161.023  161.024  161.025  161.026  161.027  161.028  161.051  161.052  161.053  161.054  161.055  Next

Last modified: September 28, 2016