161.057 – LIABILITY. A fiduciary who deposits securities
Texas Property Code § 161.057
Summary
This law holds fiduciaries responsible for losses incurred by beneficial owners when securities are deposited in a clearing corporation. It clarifies that while fiduciaries are liable to the owners, it does not alter their liability to the clearing corporation itself.
Fiduciaries are liable for losses to beneficial owners.
Liability arises from acts or omissions of the clearing corporation.
Does not change fiduciary's liability to the clearing corporation.
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In simple terms: Learn about Texas's LIABILITY. A fiduciary who deposits securities 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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