CHAPTER 199. MISCELLANEOUS PROVISIONS - Texas Statutes

FINANCE CODE

TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES

SUBTITLE F. TRUST COMPANIES

CHAPTER 199. MISCELLANEOUS PROVISIONS

Sec. 199.001. SLANDER OR LIBEL OF STATE TRUST COMPANY. (a) A

person commits an offense if the person:

(1) knowingly makes, circulates, or transmits to another person

an untrue statement that is derogatory to the financial condition

of a state trust company located in this state; or

(2) intentionally, to injure the state trust company, counsels,

aids, procures, or induces another person to knowingly make,

circulate, or transmit to another person an untrue statement that

is derogatory to the financial condition of a state trust company

located in this state.

(b) An offense under this section is a state jail felony.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.

1, 1999.

Sec. 199.002. AUTHORITY TO ACT AS NOTARY PUBLIC. A notary

public is not disqualified from taking an acknowledgment or proof

of a written instrument as provided by Section 406.016,

Government Code, solely because of the person's ownership of

stock or participation interest in or employment by a trust

institution that is an interested party in the underlying

transaction, including a state trust company or a trust

institution organized under the laws of another state that

lawfully maintains an office in this state.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.

1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec.

6.023(a), eff. Sept. 1, 2001.

Sec. 199.003. SUCCESSION OF TRUST POWERS. (a) If, at the time

of a merger, reorganization, conversion, sale of substantially

all of its assets under Chapter 182 or 187 or other applicable

law, or sale of substantially all of its trust accounts and

related activities at a separate branch or trust office, a

reorganizing or selling state trust company is acting as trustee,

guardian, executor, or administrator, or in another fiduciary

capacity, a successor or purchasing trust institution with

sufficient fiduciary authority may continue the office, trust, or

fiduciary relationship:

(1) without the necessity of judicial action or action by the

creator of the office, trust, or fiduciary relationship; and

(2) without regard to whether the successor or purchasing trust

institution meets qualification requirements specified in an

instrument creating the office, trust, or fiduciary relationship

other than a requirement related to geographic locale of account

administration, including requirements as to jurisdiction of

incorporation, location of principal office, or type of financial

institution.

(b) The successor or purchasing trust institution may perform

all the duties and exercise all the powers connected with or

incidental to the fiduciary relationship in the same manner as if

the successor or purchasing trust institution had been originally

designated as the fiduciary.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.

1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec.

6.024(a), eff. Sept. 1, 2001.

Sec. 199.004. DISCOVERY OF CLIENT RECORDS. Civil discovery of a

client record maintained by a trust institution, including a

state trust company or a trust institution organized under the

laws of another state that lawfully maintains an office in this

state, is governed by Section 59.006.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.

1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec.

6.025(a), eff. Sept. 1, 2001.

Sec. 199.005. COMPLIANCE REVIEW COMMITTEE. A trust company may

establish a compliance review committee as provided by Section

59.009.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept.

1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec.

6.026(a), eff. Sept. 1, 2001.