Texas Estates Code

§ 1355.153 — DEPOSIT OF MONEY IN TRUST

ES § 1355.153Title 3. GUARDIANSHIP AND RELATED PROCEDURES · Part I. OTHER SPECIAL PROCEEDINGS AND SUBSTITUTES FOR GUARDIANSHIP · Ch. 1355. PAYMENT OF CERTAIN CLAIMS WITHOUT GUARDIANSHIP · Art. D. USE OF MONEY BY ELEEMOSYNARY INSTITUTION

Statute text

View on source

(a)On receipt of money under this subchapter, an eleemosynary institution shall deposit all of the money received to the resident's trust account.

(b)Money deposited in a trust account may be used only:

(1)by or for the personal use of the owner of the trust account, under the rules or custom of the institution in the expenditure of money by a resident; or

(2)by the responsible officer of the institution, for the resident's use and benefit.

Legislative history

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