CHAPTER 199. MISCELLANEOUS PROVISIONS
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.