Texas Estates Code

§ 305.154 — AGREEMENT REGARDING DEPOSIT OF ESTATE ASSETS

ES § 305.154Title 2. ESTATES OF DECEDENTS; DURABLE POWERS OF ATTORNEY · Part G. INITIAL APPOINTMENT OF PERSONAL REPRESENTATIVE AND OPENING OF ADMINISTRATION · Ch. 305. QUALIFICATION OF PERSONAL REPRESENTATIVES · Art. D. AMOUNT OF BOND AND ASSOCIATED DEPOSITS

Statute text

View on source

(a)A personal representative may agree with the surety or sureties on a bond, either corporate or personal, for the deposit of any cash and other estate assets in a depository described by Subsection (c), if the deposit is otherwise proper, in a manner that prevents the withdrawal of the cash or other assets without:

(1)the written consent of the surety or sureties; or

(2)a court order entered after notice to the surety or sureties as directed by the court.

(b)The court may require the action described by Subsection (a) if the court considers that action to be in the best interest of the estate.

(c)Cash and assets must be deposited under this section in a financial institution, as defined by Section 201.101, Finance Code, that:

(1)has its main office or a branch office in this state; and

…

Legislative history

Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502), Sec. 1, eff. January 1, 2014.