Section 274.108 - Subsidiary Trust Company As Substitute Fiduciary On the effective date of the substitution as prescribed by Section 274.106, the subsidiary trust company:
(1) without the necessity of an instrument of transfer or conveyance, succeeds to all interest in property the affiliated bank holds for the fiduciary account being substituted; and(2) without the necessity of judicial action or action by the creator of the fiduciary account, becomes fiduciary of the account and shall perform the duties and exercise the powers of a fiduciary in the same manner as if the company had originally been designated fiduciary. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. 9/1/1997.