Tex. Finance Code § 275.202
This is the official text of Tex. Finance Code § 275.202, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 275.202. RESPONSIBILITY OF MUTUAL TRUST INVESTMENT COMPANY.
Official statutory text
(a) A mutual trust investment company is not:
(1) required to determine the investment powers of a fiduciary that purchases its stock; or
(2) liable for accepting funds from a fiduciary in violation of the restrictions of a will, trust indenture, or other instrument under which the fiduciary is acting in the absence of actual knowledge of the violation.
(b) A mutual trust investment company is:
(1) accountable only to a fiduciary who is an owner of its stock; and
(2) permitted to rely on the written statement of any bank or trust company purchasing its stock that the purchase complies with Section 275.201.
(1) required to determine the investment powers of a fiduciary that purchases its stock; or
(2) liable for accepting funds from a fiduciary in violation of the restrictions of a will, trust indenture, or other instrument under which the fiduciary is acting in the absence of actual knowledge of the violation.
(b) A mutual trust investment company is:
(1) accountable only to a fiduciary who is an owner of its stock; and
(2) permitted to rely on the written statement of any bank or trust company purchasing its stock that the purchase complies with Section 275.201.
Status: in_force · Read it on the official government site
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