Sec. 274.108. SUBSIDIARY TRUST COMPANY AS SUBSTITUTE FIDUCIARY. On the effective date of the substitution as prescribed by Section 274.106, the subsidiary trust company:
(1) without the necessity of an instrument of transfer or conveyance, succeeds to all interest in property the affiliated bank holds for the fiduciary account being substituted; and
(2) without the necessity of judicial action or action by the creator of the fiduciary account, becomes fiduciary of the account and shall perform the duties and exercise the powers of a fiduciary in the same manner as if the company had originally been designated fiduciary.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses
Chapter 274 - Substitute or Successor Fiduciary
Subchapter B. Subsidiary Trust Companies as Substitute or Successor Fiduciaries
Section 274.101. Agreement to Substitute Fiduciaries
Section 274.102. Situs of Account Administration
Section 274.103. Notice of Substitution
Section 274.104. Form of Notice of Substitution
Section 274.105. Failure to Send Notice of Substitution; Defective Notice
Section 274.106. Effective Date of Substitution of Fiduciaries
Section 274.107. Hearing on Agreement to Substitute Fiduciaries
Section 274.108. Subsidiary Trust Company as Substitute Fiduciary
Section 274.110. Failure to Send Notice of Change in Situs of Administration
Section 274.111. Effective Date of Change in Situs of Administration of Fiduciary Account
Section 274.112. Hearing on Change in Situs of Administration of Fiduciary Account
Section 274.114. Subsidiary Trust Company as Successor Fiduciary
Section 274.115. Bond of Successor Fiduciary
Section 274.116. Responsibility for Subsidiary Trust Company