Texas Property Code

§ 161.021 — AUTHORITY OF FIDUCIARY

PR § 161.021Title 10. MISCELLANEOUS BENEFICIAL PROPERTY INTERESTS · Part B. FIDUCIARIES · Ch. 161. MANAGEMENT AND CONTROL OF SECURITIES · Art. B. CUSTODIAN OF SECURITIES

Statute text

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A fiduciary who holds a security in a fiduciary capacity may:

(1)employ a bank incorporated in this state or a national bank located in this state as custodian of the security; and

(2)whether the fiduciary is an individual or a bank and if any individual who is a cofiduciary with the bank consents, authorize the security to be registered and held in the name of a nominee of the bank without disclosing the fiduciary relationship.

Legislative history

Acts 1983, 68th Leg., p. 3716, ch. 576, Sec. 1, eff. Jan. 1, 1984.