Texas Finance Code

§ 274.201 — DESIGNATION OF AFFILIATED BANK AS FIDUCIARY IN WILL

FI § 274.201Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES · Ch. 274. SUBSTITUTE OR SUCCESSOR FIDUCIARY · Art. C. BANKS AFFILIATED WITH SUBSIDIARY TRUST COMPANIES

Statute text

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The prospective designation in a will or other instrument of an affiliated bank of a subsidiary trust company as fiduciary is also considered a designation of the company as fiduciary and confers on the company any discretionary power granted in the instrument unless:

(1)the bank and company agree in writing to have the designation of the bank as fiduciary be binding; or

(2)the creator of the fiduciary account, by appropriate language in the document creating the account, provides that the account is not eligible for substitution under this chapter.

Legislative history

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