Texas Finance Code 187.201 – Representative Trust Office Business
(a) An out-of-state trust institution may establish a representative trust office as permitted by this subchapter to:
(1) solicit, but not accept, fiduciary appointments;
(2) act as a fiduciary in this state to the extent permitted for a foreign corporate fiduciary by Subchapter A, Chapter 505, Estates Code;
(3) perform ministerial duties with respect to existing clients and accounts of the trust institution;
(4) engage in an activity permitted by Section 182.021; and
(5) to the extent the office is not acting as a fiduciary:
(A) receive for safekeeping personal property of every description;
(B) act as assignee, bailee, conservator, custodian, escrow agent, registrar, receiver, or transfer agent; and
(C) act as financial advisor, investment advisor or manager, agent, or attorney-in-fact in any agreed capacity.
(b) Except as provided by Subsection (a), a trust representative office may not act as a fiduciary or otherwise engage in the trust business in this state.
Terms Used In Texas Finance Code 187.201
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiduciary: A trustee, executor, or administrator.
- Personal property: All property that is not real property.
(c) Subject to the requirements of this subchapter, an out-of-state trust institution may establish and maintain representative trust offices anywhere in this state.