Texas Estates Code

§ 305.156 — DEPOSITS OF PERSONAL REPRESENTATIVE

ES § 305.156Title 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

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(a)Instead of giving a surety or sureties on a bond, or to reduce the amount of a bond, a personal representative may deposit the representative's own cash or securities acceptable to the court with a depository described by Subsection (b), if the deposit is otherwise proper.

(b)Cash or securities must be deposited under this section in:

(1)a depository described by Section 305.154(c); or

(2)any other corporate depository approved by the court.

(c)A deposit may be in an amount or value equal to the amount of the bond required or in a lesser amount or value, in which case the amount of the bond is reduced by the amount or value of the deposit.

(d)The amount of cash or securities on deposit may be increased or decreased, by court order from time to time, as the interest of the estate requires.

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Legislative history

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