Texas § 275.202 RESPONSIBILITY OF MUTUAL TRUST INVESTMENT COMPANY.

Texas Statutes

§ 275.202 — RESPONSIBILITY OF MUTUAL TRUST INVESTMENT COMPANY.

Texas § 275.202

Code FIFinance Code

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Bluebook

Tex. Finance Code Code Ann. § 275.202 (2026).

Text

Sec. 275.202. RESPONSIBILITY OF MUTUAL TRUST INVESTMENT COMPANY.

(a)A mutual trust investment company is not:

(1)required to determine the investment powers of a fiduciary that purchases its stock; or

(2)liable for accepting funds from a fiduciary in violation of the restrictions of a will, trust indenture, or other instrument under which the fiduciary is acting in the absence of actual knowledge of the violation.

(b)A mutual trust investment company is:

(1)accountable only to a fiduciary who is an owner of its stock; and

(2)permitted to rely on the written statement of any bank or trust company purchasing its stock that the purchase complies with Section 275.201 .

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Sec. 275.202. RESPONSIBILITY OF MUTUAL TRUST INVESTMENT COMPANY. (a) A mutual trust investment company is not:
(1) required to determine the investment powers of a fiduciary that purchases its stock; or
(2) liable for accepting funds from a fiduciary in violation of the restrictions of a will, trust indenture, or other instrument under which the fiduciary is acting in the absence of actual knowledge of the violation.
(b) A mutual trust investment company is:
(1) accountable only to a fiduciary who is an owner of its stock; and
(2) permitted to rely on the written statement of any bank or trust company purchasing its stock that the purchase complies with Section 275.201 .