Texas Finance Code 274.114 – Subsidiary Trust Company as Successor Fiduciary
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Terms Used In Texas Finance Code 274.114
- Fiduciary: A trustee, executor, or administrator.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Statute: A law passed by a legislature.
For purposes of qualifying as successor fiduciary under a document creating a fiduciary account or a statute of this state relating to fiduciary accounts, a subsidiary trust company:
(1) is considered to have capital and surplus in an amount equal to the total of its capital and surplus and the capital and surplus of the bank holding company that owns the company; and
(2) is treated as a national bank unless it:
(A) is not a national bank under federal law; and
(B) has not entered into a substitution agreement with an affiliated bank of the company that is a national bank under federal law.