Texas Estates Code

§ 1352.055 — SURETY BOND; DISCHARGE OF SURETIES

ES § 1352.055Title 3. GUARDIANSHIP AND RELATED PROCEDURES · Part I. OTHER SPECIAL PROCEEDINGS AND SUBSTITUTES FOR GUARDIANSHIP · Ch. 1352. MORTGAGE OF MINOR'S INTEREST IN RESIDENCE HOMESTEAD · Art. B. MORTGAGE OF MINOR'S INTEREST WITHOUT GUARDIANSHIP

Statute text

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(a)Before a hearing under Section 1352.054 is held, the parent or managing conservator shall file with the county clerk a surety bond. The bond must be:

(1)in an amount at least equal to two times the amount of the proposed home equity loan;

(2)payable to and approved by the court; and

(3)conditioned on the parent or managing conservator:

(A)using the proceeds of the home equity loan attributable to the minor's interest solely for the purposes authorized by Section 1352.056; and

(B)making payments on the minor's behalf toward the outstanding balance of the home equity loan.

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Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.