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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) If the parties to a substitution agreement under Section 274.101 intentionally fail to send the required notice under Section 274.103, the substitution of the fiduciary is ineffective.
(b) If the parties unintentionally fail to send the required notice, the substitution of the fiduciary is not impaired.
(c) If a substitution of a fiduciary is ineffective because of a defect in the required notice, any action taken by a subsidiary trust company before the substitution is determined to be ineffective is valid if the action would have been valid if performed by the affiliated bank.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 274.105. Failure to Send Notice of Substitution; Defective Notice - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-274-105/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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