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Texas Property Code - PROP § 161.052. Authority of Fiduciary

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

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.

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Cite this article: FindLaw.com - Texas Property Code - PROP § 161.052. Authority of Fiduciary - last updated January 01, 2024 | https://codes.findlaw.com/tx/property-code/prop-sect-161-052/

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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