Texas § 113.055 PURCHASE OF TRUSTEE'S SECURITIES.

Texas Statutes

§ 113.055 — PURCHASE OF TRUSTEE'S SECURITIES.

Texas § 113.055

Code PRProperty Code

This text of Texas § 113.055 (PURCHASE OF TRUSTEE'S SECURITIES.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Property Code Code Ann. § 113.055 (2026).

Text

Sec. 113.055. PURCHASE OF TRUSTEE'S SECURITIES.

(a)Except as provided by Subsection (b) of this section, a corporate trustee may not purchase for the trust the stock, bonds, obligations, or other securities of the trustee or an affiliate, and a noncorporate trustee may not purchase for the trust the stock, bonds, obligations, or other securities of a corporation with which the trustee is connected as director, owner, manager, or any other executive capacity.

(b)A trustee may:

(1)retain stock already owned by the trust unless the retention does not satisfy the requirements prescribed by Chapter 117 ; and

(2)exercise stock rights or purchase fractional shares under Section 113.053 of this Act.

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Sec. 113.055. PURCHASE OF TRUSTEE'S SECURITIES. (a) Except as provided by Subsection (b) of this section, a corporate trustee may not purchase for the trust the stock, bonds, obligations, or other securities of the trustee or an affiliate, and a noncorporate trustee may not purchase for the trust the stock, bonds, obligations, or other securities of a corporation with which the trustee is connected as director, owner, manager, or any other executive capacity.
(b) A trustee may:
(1) retain stock already owned by the trust unless the retention does not satisfy the requirements prescribed by Chapter 117 ; and
(2) exercise stock rights or purchase fractional shares under Section 113.053 of this Act.

Legislative History

Added by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, Sec. 2, eff. Jan. 1, 1984. Amended by Acts 2003, 78th Leg., ch. 1103, Sec. 5, eff. Jan. 1, 2004.