Tex. Fin. Code Section 36.005
Succession of Trust Powers

(a)

If a state bank in the process of voluntary or involuntary dissolution and liquidation is acting as trustee, guardian, executor, administrator, or escrow agent, or in another fiduciary or custodial capacity, the banking commissioner may authorize the sale of the bank’s administration of fiduciary accounts to a successor entity with fiduciary powers.

(b)

The successor entity, without the necessity of action by a court or the creator or a beneficiary of the fiduciary relationship, shall:

(1)

continue the office, trust, or fiduciary relationship; and

(2)

perform all the duties and exercise all the powers connected with or incidental to the fiduciary relationship as if the successor entity had been originally designated as the fiduciary.

(c)

This section applies to all fiduciary relationships, including a trust established for the benefit of a minor by court order under Section 142.005 (Trust for Property), Property Code. This section does not affect any right of a court or a party to the instrument governing the fiduciary relationship to subsequently designate another trustee as the successor fiduciary.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Source: Section 36.005 — Succession of Trust Powers, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­36.­htm#36.­005 (accessed May 18, 2024).

36.001
Definition 36.002
Remedies Exclusive 36.003
Federal Deposit Insurance Corporation as Liquidator 36.004
Appointment of Independent Receiver 36.005
Succession of Trust Powers 36.101
Initiating Voluntary Dissolution 36.102
Filing Resolutions with Banking Commissioner 36.103
Banking Commissioner Investigation and Consent 36.104
Notice of Pending Dissolution 36.105
Safe Deposits and Other Bailments 36.106
Offices to Remain Open 36.107
Fiduciary Activities 36.108
Final Liquidation 36.109
Application of Law to Bank in Dissolution 36.110
Authorization of Deviation from Procedures 36.111
Closure by Banking Commissioner for Involuntary Dissolution and Liquidation 36.112
Application for New Charter 36.201
Action to Close State Bank 36.202
Notice and Effect of Closure 36.203
Nature and Duration of Receivership 36.204
Contest of Liquidation 36.205
Notice of Bank Closing 36.206
Inventory 36.207
Receiver’s Title and Priority 36.208
Rights Fixed 36.209
Depositories 36.210
Pending Lawsuit 36.211
New Lawsuit 36.212
Requiring Record or Other Property in Possession of Other Person 36.213
Injunction in Aid of Liquidation 36.214
Subpoena 36.215
Executory Contract 36.216
Preferences 36.217
Employees of Receiver 36.218
Disposal of Property 36.219
Court Order 36.220
Receiver’s Report 36.221
Court-ordered Audit 36.222
Safe Deposits and Other Bailments 36.223
Fiduciary Activities 36.224
Disposition and Maintenance of Records 36.225
Records Admitted 36.226
Resumption of Business 36.227
Assets Discovered After Close of Receivership 36.301
Filing Claim 36.302
Proof of Claim 36.303
Judgment as Proof of Claim 36.304
Secured Claim 36.305
Unliquidated or Undetermined Claim 36.306
Set-off 36.307
Action on Claim 36.308
Objection to Approved Claim 36.309
Appeal of Rejected Claim 36.310
Payment of Claim 36.311
Priority of Claims Against Insured Bank 36.312
Priority of Claims Against Uninsured Bank 36.313
Excess Assets 36.314
Unclaimed Property
Green check means up to date. Up to date

Accessed:
May 18, 2024

§ 36.005’s source at texas​.gov