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Texas Finance Code - FIN § 184.301. Trust Deposits

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A state trust company may deposit trust funds with itself as an investment if:

(1) the deposit is authorized by the settlor or beneficiary;

(2) the state trust company maintains as security for the deposit a separate fund of securities, legal for trust investments, under control of a federal reserve bank or a clearing corporation, as defined by Section 8.102, Business & Commerce Code, within or outside this state;

(3) the total market value of the security is at all times at least equal to the amount of the deposit; and

(4) the separate fund is designated as a separate fund.

(b) A state trust company may make periodic withdrawals from or additions to a securities fund required by Subsection (a) as long as the required value is maintained. Income from the securities in the fund belongs to the state trust company.

(c) Security for a deposit under this section is not required for a deposit under Subsection (a) to the extent the deposit is insured by the Federal Deposit Insurance Corporation or its successor.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 184.301. Trust Deposits - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-184-301/

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