Texas Finance Code 36.107 – Fiduciary Activities
(a) As soon after publication of the notice of dissolution as is practicable, the bank shall:
(1) terminate all fiduciary positions it holds;
(2) surrender all property held by it as a fiduciary; and
(3) settle its fiduciary accounts.
(b) Unless all fiduciary accounts are settled and transferred by the last date specified in published notices or by the banking commissioner and unless the banking commissioner directs otherwise, the bank shall mail a notice to each trustor and beneficiary of any remaining trust, escrow arrangement, or other fiduciary relationship. The notice must state:
(1) the location of an office open during normal business hours where administration of the remaining fiduciary accounts will continue until settled or transferred; and
(2) a telephone number at that office.
Terms Used In Texas Finance Code 36.107
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiduciary: A trustee, executor, or administrator.
- Property: means real and personal property. See Texas Government Code 311.005
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.