Texas Finance Code

§ 186.223 — FIDUCIARY ACTIVITIES

FI § 186.223Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 186. DISSOLUTION AND RECEIVERSHIP · Art. C. INVOLUNTARY DISSOLUTION AND LIQUIDATION

Statute text

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(a)As soon after beginning the receivership proceeding as is practicable, the receiver shall:

(1)terminate all fiduciary positions the state trust company holds;

(2)surrender all property held by the state trust company as a fiduciary; and

(3)settle the state trust company's fiduciary accounts.

(b)The receiver shall release all segregated and identifiable fiduciary property held by the state trust company to successor fiduciaries.

(c)With the approval of the court, the receiver may sell the administration of all or substantially all remaining fiduciary accounts to one or more successor fiduciaries on terms that appear to be in the best interest of the state trust company's estate and the persons interested in the fiduciary accounts.

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Legislative history

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.