Tex. Prop. Code § 113.057 · Subchapter B. DUTIES OF TRUSTEE
DEPOSITS BY CORPORATE TRUSTEE WITH ITSELF.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A corporate trustee may deposit trust funds with itself as a permanent investment if authorized by the settlor in the instrument creating the trust or if authorized in a writing delivered to the trustee by a beneficiary currently eligible to receive distributions from a trust created before January 1, 1988.
(b) A corporate trustee may deposit with itself trust funds that are being held pending investment, distribution, or payment of debts if, except as provided by Subsection (d) of this section:
(1) it maintains under control of its trust department as security for the deposit a separate fund of securities legal for trust investments;
(2) the total market value of the security is at all times at least equal to the amount of the deposit; and
(3) the separate fund is marked as such.
(c) The trustee may make periodic withdrawals from or additions to the securities fund required by Subsection (b) of this section as long as the required value is maintained. Income from securities in the fund belongs to the trustee.
(d) Security for a deposit under this section is not required for a deposit under Subsection (a) or under Subsection (b) of this section to the extent the deposit is insured or otherwise secured under state or federal law.
Notes and commentary — not statutory text
History
Added by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, Sec. 2, eff. Jan. 1, 1984. Amended by Acts 1985, 69th Leg., ch. 149, Sec. 3, eff. May 24, 1985.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/PR/htm/PR.113.htm
- Text hash
- sha256 babc3ce375839373a42224f35e25cc35df01f8ea36f6200a9f2cecdec44a66f6
- 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
Cited by 2 provisions
Provisions in this library whose text cites Tex. Prop. Code § 113.057. Each shows the citation as that text prints it.
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.