Tex. Prop. Code § 113.171 · Subchapter F. COMMON TRUST FUNDS
COMMON TRUST FUNDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A bank or trust company qualified to act as a fiduciary in this state may establish common trust funds to provide investments to itself as a fiduciary, including as a custodian under the Texas Uniform Transfers to Minors Act (Chapter 141) or a uniform gifts or transfers to minors act of another state or to itself and others as cofiduciaries.
(b) The fiduciary or cofiduciary may place investment funds in interests in common trust funds if:
(1) the investment is not prohibited by the instrument or order creating the fiduciary relationship; and
(2) if there are cofiduciaries, the cofiduciaries consent to the investment.
(c) A common trust fund includes a fund:
(1) qualified for exemption from federal income taxation as a common trust fund and maintained exclusively for eligible fiduciary accounts; and
(2) consisting solely of assets of retirement, pension, profit sharing, stock bonus, or other employees' trusts that are exempt from federal income taxation.
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 2005, 79th Leg., Ch. 148 (H.B. 1190), Sec. 18, eff. January 1, 2006.
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 808b777c42128fefd140b63eafcee0998317fe76102b75e1c62fbfb561878bf5
- 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.