Texas § FI.187.201 - REPRESENTATIVE TRUST OFFICE BUSINESS

§ FI.187.201. REPRESENTATIVE TRUST OFFICE BUSINESS

REPRESENTATIVE TRUST OFFICE BUSINESS. (a) An out-of-state trust institution may establish a representative trust office as permitted by this subchapter to: (1) solicit, but not accept, fiduciary appointments; (2) act as a fiduciary in this state to the extent permitted for a foreign corporate fiduciary by Subchapter A , Chapter 505 , Estates Code; (3) perform ministerial duties with respect to existing clients and accounts of the trust institution; (4) engage in an activity permitted by Section 182.021 ; and (5) to the extent the office is not acting as a fiduciary: (A) receive for safekeeping personal property of every description; (B) act as assignee, bailee, conservator, custodian, escrow agent, registrar, receiver, or transfer agent; and (C) act as financial advisor, investment advisor or manager, agent, or attorney-in-fact in any agreed capacity. (b) Except as provided by Subsection (a), a trust representative office may not act as a fiduciary or otherwise engage in the trust business in this state. (c) Subject to the requirements of this subchapter, an out-of-state trust institution may establish and maintain representative trust offices anywhere in this state. Added by Acts 2001, 77th Leg., ch. 1420, Sec. 6.001(a), eff. Sept. 1, 2001. Amended by: Acts 2015, 84th Leg., R.S., Ch. 1236 (S.B. 1296 ), Sec. 20.018, eff. September 1, 2015.