Texas § PR.113.171 - COMMON TRUST FUNDS
Full text of Texas The Texas Constitution § PR.113.171 — COMMON TRUST FUNDS, with citation guidance and answers to common questions.
§ PR.113.171. COMMON TRUST FUNDS
COMMON TRUST FUNDS. (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. 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.
Frequently Asked Questions About Texas § PR.113.171
What does The Texas Constitution § PR.113.171 cover?
Section PR.113.171 ("COMMON TRUST FUNDS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § PR.113.171?
A common citation format is "The Texas Constitution § PR.113.171" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § PR.113.171 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.