Texas Finance Code
§ 181.005 — LIABILITY OF TRUST COMPANY DIRECTORS AND PERSONNEL
FI § 181.005Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 181. GENERAL PROVISIONS · Art. A. GENERAL PROVISIONS
Statute text
View on source(a)The provisions of the Business Organizations Code regarding liability, defenses, and indemnification of a director, officer, agent, or employee apply to a director, officer, agent, or employee of a state trust company in this state. Except as limited by those provisions, a disinterested director, manager, managing participant, officer, or employee of a state trust company may not be held personally liable in an action seeking monetary damages arising from the conduct of the state trust company's affairs unless the damages resulted from the gross negligence or wilful or intentional misconduct of the person during the person's term of office or service with the state trust company.
(b)A director, manager, managing participant, officer, or employee of a state trust company is disinterested with respect to a decision or transaction if:
(1)the person fully discloses any interest in the decision or transaction and does not participate in the decision or transaction; or
(2)the decision or transaction does not involve any of the following:
(A)personal profit for the person through dealing with the state trust company or usurping an opportunity of the trust company;
(B)buying or selling assets of the state trust company in a transaction in which the person has a direct or indirect pecuniary interest;
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Legislative history
Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 66, eff. September 1, 2007.