Texas Finance Code

§ 182.001 — ORGANIZATION AND GENERAL POWERS OF STATE TRUST COMPANY

FI § 182.001Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 182. POWERS, ORGANIZATION, AND FINANCIAL REQUIREMENTS · Art. A. ORGANIZATION AND POWERS IN GENERAL

Statute text

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(a)Subject to Subsection (g) and the other provisions of this chapter, one or more persons may organize and charter a state trust company as a state trust association or a limited trust association.

(b)A state trust company may engage in the trust business by:

(1)acting as trustee under a written agreement;

(2)receiving money and other property in its capacity as trustee for investment in real or personal property;

(3)acting as trustee and performing the fiduciary duties committed or transferred to it by order of a court;

(4)acting as executor, administrator, or trustee of the estate of a deceased person;

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Legislative history

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 528, Sec. 20, eff. Sept. 1, 2001; Acts 2001, 77th Leg., ch. 1420, Sec. 6.008(a), eff. Sept. 1, 2001.