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Texas Finance Code - FIN § 274.101. Agreement to Substitute Fiduciaries

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

(a) A subsidiary trust company may enter into an agreement with an affiliated bank of the company to substitute the company as fiduciary for the bank in each fiduciary account listed in the agreement, provided the situs of account administration is not moved outside of this state without the express written consent of all persons entitled to notice under Sections 274.103(a) and (c).

(b) The agreement must include:

(1) a list of each fiduciary account for which substitution is requested;

(2) a statement of whether the substitution will cause a change in the situs of administration of each fiduciary account;  and

(3) the effective date of the substitution, which may not be before the 91st day after the date of the agreement.

(c) The agreement must be filed with the commissioner before the date the substitution takes effect.

(d) A fiduciary account may be removed from the operation of the agreement by the filing of an amendment to the agreement with the commissioner before the effective date stated in the agreement.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 274.101. Agreement to Substitute Fiduciaries - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-274-101/

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