Texas Property Code

§ 161.027 — LIABILITY

PR § 161.027Title 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 bank holding a security in the name of a nominee under this subchapter is liable for a loss resulting from the acts of the bank's nominee with respect to the security.

Legislative history

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