Texas Finance Code

§ 187.102 — ESTABLISHING AN INTERSTATE TRUST OFFICE

FI § 187.102Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 187. MULTISTATE TRUST BUSINESS · Art. B. OUT-OF-STATE TRUST COMPANY TRUST OFFICE

Statute text

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(a)An out-of-state trust company that does not operate a trust office in this state may not establish and maintain a de novo trust office in this state unless:

(1)a state trust company would be permitted to establish a de novo trust office in the home state or foreign country of the out-of-state trust company; and

(2)a bank whose home state is this state would be permitted to establish a de novo branch in the home state or foreign country of the out-of-state trust company.

(b)Subject to Subsection (a), a de novo trust office may be established in this state under this section through the acquisition of a trust office in this state of an existing trust institution.

Legislative history

Added by Acts 2001, 77th Leg., ch. 1420, Sec. 6.001(a), eff. Sept. 1, 2001.