Texas Finance Code

§ 36.223 — FIDUCIARY ACTIVITIES

FI § 36.223Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 36. DISSOLUTION AND RECEIVERSHIP · Art. C. INVOLUNTARY DISSOLUTION AND LIQUIDATION

Statute text

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(a)As soon after beginning the receivership proceeding as is practicable, the receiver shall:

(1)terminate all fiduciary positions the bank holds;

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

(3)settle the bank's fiduciary accounts.

(b)The receiver shall release all segregated and identifiable fiduciary property held by the bank to successor fiduciaries.

(c)With the approval of the court, the receiver may sell the administration of all or substantially all remaining fiduciary accounts to one or more successor fiduciaries on terms that appear to be in the best interests of the bank's estate and the persons interested in the fiduciary accounts.

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Legislative history

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