Texas Finance Code - FIN § 275.202. Responsibility of Mutual Trust Investment Company

(1) required to determine the investment powers of a fiduciary that purchases its stock;  or

(2) liable for accepting funds from a fiduciary in violation of the restrictions of a will, trust indenture, or other instrument under which the fiduciary is acting in the absence of actual knowledge of the violation.

(1) accountable only to a fiduciary who is an owner of its stock;  and

(2) permitted to rely on the written statement of any bank or trust company purchasing its stock that the purchase complies with Section 275.201.