Texas Property Code

§ 161.025 — REDELIVERY OF SECURITY HELD BY NOMINEE

PR § 161.025Title 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)A bank holding a security in the name of a nominee of the bank under this subchapter may not redeliver the security to the individual fiduciary who authorized its registration in the name of the nominee without registering the security in the name of the individual fiduciary, as fiduciary.

(b)A sale of the security by the bank at the direction of the individual fiduciary is not a redelivery.

Legislative history

Acts 1983, 68th Leg., p. 3717, ch. 576, Sec. 1, eff. Jan. 1, 1984.