Texas Finance Code

§ 274.111 — EFFECTIVE DATE OF CHANGE IN SITUS OF ADMINISTRATION OF FIDUCIARY ACCOUNT

FI § 274.111Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES · Ch. 274. SUBSTITUTE OR SUCCESSOR FIDUCIARY · Art. B. SUBSIDIARY TRUST COMPANIES AS SUBSTITUTE OR SUCCESSOR FIDUCIARIES

Statute text

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(a)A change in the situs of administration takes effect on the effective date stated in the notice under Section 274.109 unless, not later than the 16th day before the effective date:

(1)each party entitled to receive notice for the fiduciary account provides the subsidiary trust company with a written objection to the change; or

(2)a party entitled to receive notice files a written petition in a court seeking to have the change denied under Section 274.112 and provides the subsidiary trust company with a copy of the petition.

(b)A change that is objected to under Subsection (a)(1) takes effect when:

(1)one of the parties objecting to the change removes the party's objection in writing; or

(2)the subsidiary trust company obtains a final court order approving the change.

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Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.