Tex. Fin. Code Section 275.202
Responsibility of Mutual Trust Investment Company

(a)

A mutual trust investment company is not:

(1)

required to determine the investment powers of a fiduciary that purchases its stock; or

(2)

liable for accepting funds from a fiduciary in violation of the restrictions of a will, trust indenture, or other instrument under which the fiduciary is acting in the absence of actual knowledge of the violation.

(b)

A mutual trust investment company is:

(1)

accountable only to a fiduciary who is an owner of its stock; and

(2)

permitted to rely on the written statement of any bank or trust company purchasing its stock that the purchase complies with Section 275.201 (Purchase by Fiduciary; Authority and Restrictions).
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.26(a), eff. Sept. 1, 1999.

Source: Section 275.202 — Responsibility of Mutual Trust Investment Company, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­275.­htm#275.­202 (accessed May 18, 2024).

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Accessed:
May 18, 2024

§ 275.202’s source at texas​.gov