Texas Finance Code

§ 274.116 — RESPONSIBILITY FOR SUBSIDIARY TRUST COMPANY

FI § 274.116Title 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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The bank holding company that owns a subsidiary trust company shall file with the commissioner an irrevocable undertaking to be fully responsible for the fiduciary acts and omissions of the subsidiary trust company.

Legislative history

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