113.055 – PURCHASE OF TRUSTEE'S SECURITIES. (a) Except as
Texas Property Code § 113.055
Summary
This law restricts trustees from purchasing securities of their own company or affiliates to prevent conflicts of interest. It applies to both corporate and noncorporate trustees, ensuring that trust assets are managed impartially.
Corporate trustees can't buy their own securities for the trust.
Noncorporate trustees are also restricted from purchasing related securities.
Exceptions exist for retaining certain stocks under specific conditions.
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In simple terms: Learn about Texas's PURCHASE OF TRUSTEE'S SECURITIES. (a) Except as law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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