Texas Estates Code

§ 1301.058 — BOND REQUIREMENTS FOR TRUSTEES

ES § 1301.058Title 3. GUARDIANSHIP AND RELATED PROCEDURES · Part H. COURT-AUTHORIZED TRUSTS AND ACCOUNTS · Ch. 1301. MANAGEMENT TRUSTS · Art. B. CREATION OF MANAGEMENT TRUSTS

Statute text

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(a)The following serve without giving a bond in accordance with the trust terms required by Sections 1301.101(a)(4) and (a-1):

(1)a trustee of a management trust that is a corporate fiduciary; and

(2)any other trustee of a management trust created for a person who has only a physical disability.

(b)Except as provided by Subsection (a), the court shall require a person serving as trustee of a management trust to file with the county clerk a bond that:

(1)is in an amount equal to the value of the trust's principal and projected annual income; and

(2)meets the conditions the court determines are necessary. Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014. Amended by:

Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 982 (H.B. 2080), Sec. 29, eff. January 1, 2014.