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Can you summarize Tex. Fin. Chapter 274?
MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES > SUBSTITUTE OR SUCCESSOR FIDUCIARY
Short Summary
This legal document provides definitions for various terms related to fiduciary accounts and entities. It establishes the definitions and relationships of various entities involved in fiduciary accounts in Texas. The document governs the process of substituting fiduciaries in fiduciary accounts, allowing a subsidiary trust company to enter into an agreement with an affiliated bank to substitute the company as fiduciary for the bank in each fiduciary account listed in the agreement. The agreement must be filed with the commissioner before the substitution takes effect. The document outlines the requirements for sending notice of the substitution to various parties and explains the conditions under which the substitution becomes effective. It also addresses the rights and liabilities of the existing fiduciary and the substitute fiduciary. The document provides provisions for the change in the situs of administration of a fiduciary account, including notice requirements and court proceedings. It outlines the circumstances under which the change becomes effective and the rights and interests of the fiduciary account and its beneficiaries. The document also covers the venue for actions related to fiduciary accounts and the qualifications and responsibilities of subsidiary trust companies as successor fiduciaries. It requires the filing of an irrevocable undertaking by the bank holding company that owns a subsidiary trust company to be fully responsible for the fiduciary acts and omissions of the subsidiary trust company. Additionally, the document addresses the designation of affiliated banks of subsidiary trust companies as fiduciaries and the deposit of fiduciary money by subsidiary trust companies with affiliated banks, specifying the conditions and requirements for such transactions. Overall, these documents provide a comprehensive framework for the governance and operation of fiduciary accounts involving affiliated banks and subsidiary trust companies in Texas.
Whom does it apply to?
Individuals or entities creating fiduciary accounts, affiliated banks, and subsidiary trust companies
What does it govern?
Designation of affiliated banks of subsidiary trust companies as fiduciaries, substitution of subsidiary trust companies as fiduciaries, and the deposit of fiduciary money by subsidiary trust companies with affiliated banks
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Texas