Tex. Property Code § 113.055
PURCHASE OF TRUSTEE'S SECURITIES
Texas · Texas Property Code · Status: effective
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- Citation
- Tex. Property Code § 113.055, PURCHASE OF TRUSTEE'S SECURITIES, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/564979
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Full text
(a) Except as provided by Subsection (b) of this section, a corporate trustee may not purchase for the trust the stock, bonds, obligations, or other securities of the trustee or an affiliate, and a noncorporate trustee may not purchase for the trust the stock, bonds, obligations, or other securities of a corporation with which the trustee is connected as director, owner, manager, or any other executive capacity.
(b) A trustee may:
(1) retain stock already owned by the trust unless the retention does not satisfy the requirements prescribed by Chapter 117; and
(2) exercise stock rights or purchase fractional shares under Section 113.053 of this Act.