Gavvy: Loc. Gov’t Code, Sec. 117.0521. Custodianship.

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Sec. 117.0521. Custodianship.

Sec. 117.0521. CUSTODIANSHIP. A clerk shall act only in a custodial capacity in relation to a registry fund, a special account, or a separate account. A clerk is not a trustee for the beneficial owner and does not assume the duties, obligations, or liabilities of a trustee for a beneficial owner.

Added by Acts 1997, 75th Leg., ch. 505, Sec. 12, eff. Sept. 1, 1997.

Gavvy last updated this database on: Sep 6, 2024