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Texas Property Code - PROP § 113.055. Purchase of Trustee's Securities

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

(a) Except as provided by Subsection (b) of this section, a corporate trustee may not purchase for the trust the stock, bonds, obligations, or other securities of the trustee or an affiliate, and a noncorporate trustee may not purchase for the trust the stock, bonds, obligations, or other securities of a corporation with which the trustee is connected as director, owner, manager, or any other executive capacity.

(b) A trustee may:

(1) retain stock already owned by the trust unless the retention does not satisfy the requirements prescribed by Chapter 117;  and

(2) exercise stock rights or purchase fractional shares under Section 113.053 of this Act.

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Cite this article: FindLaw.com - Texas Property Code - PROP § 113.055. Purchase of Trustee's Securities - last updated January 01, 2024 | https://codes.findlaw.com/tx/property-code/prop-sect-113-055/

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