Texas Estates Code

§ 351.105 — HOLDING OF STOCKS, BONDS, AND OTHER PERSONAL PROPERTY IN NOMINEE'S NAME

ES § 351.105Title 2. ESTATES OF DECEDENTS; DURABLE POWERS OF ATTORNEY · Part H. CONTINUATION OF ADMINISTRATION · Ch. 351. POWERS AND DUTIES OF PERSONAL REPRESENTATIVES IN GENERAL · Art. C. POSSESSION AND CARE OF ESTATE PROPERTY

Statute text

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(a)Unless otherwise provided by the will, a personal representative of an estate may cause stocks, bonds, and other personal property of the estate to be registered and held in the name of a nominee without mentioning the fiduciary relationship in any instrument or record constituting or evidencing title to that property. The representative is liable for the acts of the nominee with respect to property registered in this manner. The representative's records must at all times show the ownership of the property.

(b)Any property registered in the manner described by Subsection (a) shall be kept:

(1)in the possession and control of the personal representative at all times; and

(2)separate from the representative's individual property.

Legislative history

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