FINANCE CODE

CHAPTER 199. MISCELLANEOUS PROVISIONS


	§ 199.001.  SLANDER OR LIBEL OF STATE TRUST 
COMPANY.  (a)  A person commits an offense if the person:
		(1)  knowingly makes, circulates, or transmits to 
another person an untrue statement that is derogatory to the 
financial condition of a state trust company located in this state;  
or
		(2)  intentionally, to injure the state trust company, 
counsels, aids, procures, or induces another person to knowingly 
make, circulate, or transmit to another person an untrue statement 
that is derogatory to the financial condition of a state trust 
company located in this state.
	(b)  An offense under this section is a state jail felony.                     

Added by Acts 1999, 76th Leg., ch. 62, § 7.16(a), eff. Sept. 1, 
1999.    


	§ 199.002.  AUTHORITY TO ACT AS NOTARY PUBLIC.  A notary 
public is not disqualified from taking an acknowledgment or proof 
of a written instrument as provided by Section 406.016, Government 
Code, solely because of the person's ownership of stock or 
participation interest in or employment by a trust institution that 
is an interested party in the underlying transaction, including a 
state trust company or a trust institution organized under the laws 
of another state that lawfully maintains an office in this state.

Added by Acts 1999, 76th Leg., ch. 62, § 7.16(a), eff. Sept. 1, 
1999.  Amended by Acts 2001, 77th Leg., ch. 1420, § 6.023(a), 
eff. Sept. 1, 2001.


	§ 199.003.  SUCCESSION OF TRUST POWERS.  (a)  If, at the 
time of a merger, reorganization, conversion, sale of substantially 
all of its assets under Chapter 182 or 187 or other applicable law, 
or sale of substantially all of its trust accounts and related 
activities at a separate branch or trust office, a reorganizing or 
selling state trust company is acting as trustee, guardian, 
executor, or administrator, or in another fiduciary capacity, a 
successor or purchasing trust institution with sufficient 
fiduciary authority may continue the office, trust, or fiduciary 
relationship:
		(1)  without the necessity of judicial action or action 
by the creator of the office, trust, or fiduciary relationship;  and
		(2)  without regard to whether the successor or 
purchasing trust institution meets qualification requirements 
specified in an instrument creating the office, trust, or fiduciary 
relationship other than a requirement related to geographic locale 
of account administration, including requirements as to 
jurisdiction of incorporation, location of principal office, or 
type of financial institution.
	(b)  The successor or purchasing trust institution may 
perform all the duties and exercise all the powers connected with or 
incidental to the fiduciary relationship in the same manner as if 
the successor or purchasing trust institution had been originally 
designated as the fiduciary.

Added by Acts 1999, 76th Leg., ch. 62, § 7.16(a), eff. Sept. 1, 
1999.  Amended by Acts 2001, 77th Leg., ch. 1420, § 6.024(a), 
eff. Sept. 1, 2001.


	§ 199.004.  DISCOVERY OF CLIENT RECORDS.  Civil 
discovery of a client record maintained by a trust institution, 
including a state trust company or a trust institution organized 
under the laws of another state that lawfully maintains an office in 
this state, is governed by Section 59.006.

Added by Acts 1999, 76th Leg., ch. 62, § 7.16(a), eff. Sept. 1, 
1999.  Amended by Acts 2001, 77th Leg., ch. 1420, § 6.025(a), 
eff. Sept. 1, 2001.


	§ 199.005.  COMPLIANCE REVIEW COMMITTEE.  A trust 
company may establish a compliance review committee as provided by 
Section 59.009.

Added by Acts 1999, 76th Leg., ch. 62, § 7.16(a), eff. Sept. 1, 
1999.  Amended by Acts 2001, 77th Leg., ch. 1420, § 6.026(a), 
eff. Sept. 1, 2001.