{"data":{"id":"us-tx/tex.-finance-code-275.202","jurisdiction":"us-tx","citation":"Tex. Finance Code § 275.202","heading":"RESPONSIBILITY OF MUTUAL TRUST INVESTMENT COMPANY.","body":"(a) A mutual trust investment company is not:\n(1) required to determine the investment powers of a fiduciary that purchases its stock; or\n(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.\n(b) A mutual trust investment company is:\n(1) accountable only to a fiduciary who is an owner of its stock; and\n(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.\nAdded by Acts 1999, 76th Leg., ch. 62, Sec. 7.26(a), eff. Sept. 1, 1999.","path":["FINANCE CODE","TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES","SUBTITLE Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES","CHAPTER 275. TEXAS MUTUAL TRUST INVESTMENT COMPANY ACT","SUBCHAPTER E. INVESTMENT IN MUTUAL TRUST INVESTMENT COMPANY"],"source_url":"https://statutes.capitol.texas.gov/Docs/FI/htm/FI.275.htm#275.202","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:13Z","sha256":"0accc19ead511e69ed1efabe77aaacaff6b69aedfb56ac1d36fc554b89130267","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-finance-code-275.201","next":"us-tx/tex.-finance-code-276.001"},"notice":"GroundRules: Original legal text. Not legal advice."}