Tex. Fin. Code § 275.202 · Subchapter E. INVESTMENT IN MUTUAL TRUST INVESTMENT COMPANY
RESPONSIBILITY OF MUTUAL TRUST INVESTMENT COMPANY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.26(a), eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.275.htm
- Text hash
- sha256 96aee4865dafac399f119c038e7b01be6db6fc309cbf00361874770d4ab0e556
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.