Texas Estates Code 505.006 – Criminal Penalty; Effect of Conviction
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(a) A foreign corporate fiduciary commits an offense if the fiduciary violates this subchapter.
(b) An offense under this section is a misdemeanor punishable by a fine not to exceed $5,000.
Terms Used In Texas Estates Code 505.006
- Conviction: A judgement of guilt against a criminal defendant.
- Corporate fiduciary: means a financial institution, as defined by § 201. See Texas Estates Code 22.006
- Court: means and includes:
(1) a county court in the exercise of its probate jurisdiction;
(2) a court created by statute and authorized to exercise original probate jurisdiction; and
(3) a district court exercising original probate jurisdiction in a contested matter. See Texas Estates Code 22.007 - Fiduciary: A trustee, executor, or administrator.
(c) On conviction, the court may prohibit a foreign corporate fiduciary convicted of an offense under this section from thereafter serving in any fiduciary capacity in this state.