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Bill > HB1552
TX HB1552
TX HB1552Relating to the limitation of liability of a financial institution acquiring a trustee financial institution.
summary
Introduced
01/24/2023
01/24/2023
In Committee
05/04/2023
05/04/2023
Crossed Over
05/02/2023
05/02/2023
Passed
Dead
05/29/2023
05/29/2023
Introduced Session
88th Legislature Regular Session
Bill Summary
Relating to the limitation of liability of a financial institution acquiring a trustee financial institution.
AI Summary
This bill limits the liability of a financial institution that acquires another financial institution that previously served as a trustee. Specifically, the bill caps the acquiring financial institution's liability for the conduct of the previous trustee at the lesser of $10 million or the aggregate value of all distributions of trust property made by any predecessor trustee. This liability limitation only applies to actions filed against the acquiring financial institution on or after the effective date of September 1, 2023.
Committee Categories
Government Affairs, Justice
Sponsors (2)
Last Action
Referred to State Affairs (on 05/04/2023)
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://capitol.texas.gov/BillLookup/History.aspx?LegSess=88R&Bill=HB1552 |
| BillText | https://capitol.texas.gov/tlodocs/88R/billtext/html/HB01552E.htm |
| BillText | https://capitol.texas.gov/tlodocs/88R/billtext/html/HB01552H.htm |
| Analysis (House Committee Report) | https://capitol.texas.gov/tlodocs/88R/analysis/html/HB01552H.htm |
| Fiscal Note (House Committee Report) | https://capitol.texas.gov/tlodocs/88R/fiscalnotes/html/HB01552H.htm |
| Fiscal Note (Introduced) | https://capitol.texas.gov/tlodocs/88R/fiscalnotes/html/HB01552I.htm |
| BillText | https://capitol.texas.gov/tlodocs/88R/billtext/html/HB01552I.htm |
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