Aplicación de la Ley sobre Fiduciarios en Texas

Sec. 161.051. APPLICATION. (a) Except as provided by Subsection (b), this subchapter applies to a fiduciary holding a security in its fiduciary capacity and to a bank, trust company, or private banker holding a security as a fiduciary, custodian, custodian for a fiduciary, or managing agent, regardless of: (1) the date of the agreement, instrument, or court order by which the fiduciary, custodian, or managing agent is appointed; and (2) ownership by the fiduciary, custodian, or managing agent of capital stock of the clearing corporation. (b) This subchapter does not apply to a security held by a fiduciary, bank, trust company, or private banker on behalf of a domestic insurance company, unless the prior express approval of the State Board of Insurance is obtained. The board may grant approval Statute text rendered on: - 923 - 10/26/2024 PROPERTY CODE to all domestic insurance companies generally, or to specific insurance companies on a case-by-case basis. (c) For the purposes of this subchapter, "fiduciary" includes a state or national bank acting in a fiduciary capacity. Acts 1983, 68th Leg., p. 3717, ch. 576, Sec. 1, eff. Jan. 1, 1984.