Tex.
Fin. Code Section 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 (Foreign Personal Representatives, Trustees, and Fiduciaries), 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 (Activities Not Requiring Charter); 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.(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.
Source:
Section 187.201 — Representative Trust Office Business, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.187.htm#187.201 (accessed Jun. 5, 2024).
