Texas Finance Code

§ 36.107 — FIDUCIARY ACTIVITIES

FI § 36.107Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 36. DISSOLUTION AND RECEIVERSHIP · Art. B. VOLUNTARY DISSOLUTION

Statute text

View on source

(a)As soon after publication of the notice of dissolution as is practicable, the bank shall:

(1)terminate all fiduciary positions it holds;

(2)surrender all property held by it as a fiduciary; and

(3)settle its fiduciary accounts.

(b)Unless all fiduciary accounts are settled and transferred by the last date specified in published notices or by the banking commissioner and unless the banking commissioner directs otherwise, the bank shall mail a notice to each trustor and beneficiary of any remaining trust, escrow arrangement, or other fiduciary relationship. The notice must state:

(1)the location of an office open during normal business hours where administration of the remaining fiduciary accounts will continue until settled or transferred; and

…

Legislative history

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