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Tex. Finance Code § 275.202

RESPONSIBILITY OF MUTUAL TRUST INVESTMENT COMPANY

Texas · Texas Finance Code · Status: effective

Banking, Finance & Insurance
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Tex. Finance Code § 275.202, RESPONSIBILITY OF MUTUAL TRUST INVESTMENT COMPANY, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/646982
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(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.