Texas Finance Code 274.201 – Designation of Affiliated Bank as Fiduciary in Will
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Terms Used In Texas Finance Code 274.201
- Fiduciary: A trustee, executor, or administrator.
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
The prospective designation in a will or other instrument of an affiliated bank of a subsidiary trust company as fiduciary is also considered a designation of the company as fiduciary and confers on the company any discretionary power granted in the instrument unless:
(1) the bank and company agree in writing to have the designation of the bank as fiduciary be binding; or
(2) the creator of the fiduciary account, by appropriate language in the document creating the account, provides that the account is not eligible for substitution under this chapter.