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Texas Finance Code - FIN § 274.114. Subsidiary Trust Company as Successor Fiduciary

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

For purposes of qualifying as successor fiduciary under a document creating a fiduciary account or a statute of this state relating to fiduciary accounts, a subsidiary trust company:

(1) is considered to have capital and surplus in an amount equal to the total of its capital and surplus and the capital and surplus of the bank holding company that owns the company; and

(2) is treated as a national bank unless it:

(A) is not a national bank under federal law; and

(B) has not entered into a substitution agreement with an affiliated bank of the company that is a national bank under federal law.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 274.114. Subsidiary Trust Company as Successor Fiduciary - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-274-114/

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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