Texas § FI.274.106 - EFFECTIVE DATE OF SUBSTITUTION OF FIDUCIARIES

§ FI.274.106. EFFECTIVE DATE OF SUBSTITUTION OF FIDUCIARIES

EFFECTIVE DATE OF SUBSTITUTION OF FIDUCIARIES. (a) The substitution takes effect on the effective date stated in the substitution agreement unless, not later than the 16th day before the effective date: (1) each party entitled to receive notice of the substitution under Sections 274.103 (a) and (c) provides the affiliated bank with a written objection to the substitution; or (2) a party entitled to receive notice of the substitution under Section 274.103 files a written petition in a court seeking to have the substitution denied under Section 274.107 and provides the affiliated bank with a copy of the petition. (b) A substitution that is objected to under Subsection (a)(1) takes effect when: (1) one of the parties objecting to the substitution removes the party's objection in writing; or (2) the bank obtains a final court order approving the substitution. (c) A substitution that is objected to under Subsection (a)(2) takes effect when: (1) the petition is withdrawn or dismissed; or (2) the court enters a final order denying the relief sought. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.