Tex.
Fin. Code Section 187.002
Companies Authorized to Conduct a Trust Business
(a)
A company may not conduct a trust business in this state unless the company is a trust institution and is:(1)
a state trust company chartered pursuant to this subtitle;(2)
a bank, savings association, savings bank, or credit union that maintains its principal office or a branch in this state in accordance with governing law, or another office in this state with the power to conduct a trust business to the extent permitted by rule;(3)
a trust company chartered under the laws of another state or a foreign country that has a trust office in this state licensed by the banking commissioner pursuant to this chapter; or(4)
a foreign bank with an office in this state that is authorized to act as a fiduciary pursuant to Section 204.106 (Application to Act as Fiduciary).(b)
Notwithstanding Subsection (a), a trust institution that does not maintain a principal office, branch, or trust office in this state may act as a fiduciary in this state to the extent permitted by Subchapter A, Chapter 505 (Foreign Personal Representatives, Trustees, and Fiduciaries), Estates Code.(c)
A company does not engage in the trust business in this state in a manner requiring a charter or license under this subtitle by engaging in an activity identified in Section 182.021 (Activities Not Requiring Charter), except that the registration requirements of Section 187.202 (Registration of Representative Trust Office) may apply to a trust representative office engaging in the activity.
Source:
Section 187.002 — Companies Authorized to Conduct a Trust Business, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.187.htm#187.002 (accessed May 18, 2024).
