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Tex. Fin. Code § 184.402

PLEDGE OF ASSETS

Known as the Texas Trust Company Act

The act spans §§ 181.001 to 199.005 (242 sections).

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

(a) A state trust company may not pledge or create a lien on any of its assets except to secure:

(1) the repayment of money borrowed;

(2) trust deposits as specifically authorized or required by:

(A) Section 184.301;

(B) Title 9, Property Code; or

(C) rules adopted under this chapter; or

(3) deposits made by:

(A) the United States;

(B) a state, county, or municipality; or

(C) an agency of the United States or a state, county, or municipality.

(b) An act, deed, conveyance, pledge, or contract in violation of this section is void.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.