Tex.
Fin. Code Section 184.301
Trust Deposits
(a)
A state trust company may deposit trust funds with itself as an investment if:(1)
the deposit is authorized by the settlor or beneficiary;(2)
the state trust company maintains as security for the deposit a separate fund of securities, legal for trust investments, under control of a federal reserve bank or a clearing corporation, as defined by Section 8.102 (Definitions), Business & Commerce Code, within or outside this state;(3)
the total market value of the security is at all times at least equal to the amount of the deposit; and(4)
the separate fund is designated as a separate fund.(b)
A state trust company may make periodic withdrawals from or additions to a securities fund required by Subsection (a) as long as the required value is maintained. Income from the securities in the fund belongs to the state trust company.(c)
Security for a deposit under this section is not required for a deposit under Subsection (a) to the extent the deposit is insured by the Federal Deposit Insurance Corporation or its successor.
Source:
Section 184.301 — Trust Deposits, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.184.htm#184.301 (accessed May 4, 2024).
