Current as of April 14, 2021 | Updated by FindLaw Staff
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A fiduciary holding a security in its fiduciary capacity and a bank, trust company, or private banker holding a security as a custodian for a fiduciary, a managing agent, or a custodian may deposit or arrange for the deposit of the security with:
(1) the Federal Reserve Bank of Dallas if the United States has agreed to pay or has guaranteed payment of the security's principal and interest; or
(2) a clearing corporation, either in this state or elsewhere, regardless of whether the clearing corporation conducts or is authorized to conduct business in this state.
Cite this article: FindLaw.com - Texas Property Code - PROP § 161.052. Authority of Fiduciary - last updated April 14, 2021 | https://codes.findlaw.com/tx/property-code/prop-sect-161-052/
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