Texas Estates Code

§ 351.204 — FIDUCIARY DUTIES OF PERSONAL REPRESENTATIVE REGARDING BUSINESS

ES § 351.204Title 2. ESTATES OF DECEDENTS; DURABLE POWERS OF ATTORNEY · Part H. CONTINUATION OF ADMINISTRATION · Ch. 351. POWERS AND DUTIES OF PERSONAL REPRESENTATIVES IN GENERAL · Art. E. OPERATION OF BUSINESS

Statute text

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(a)A personal representative who operates a business under an order entered under Section 351.202(a) has the same fiduciary duties as a representative who does not operate a business that is part of an estate.

(b)In operating a business under an order entered under Section 351.202(a), a personal representative shall consider:

(1)the condition of the estate and the business;

(2)the necessity that may exist for the future sale of the business or of business property to provide for payment of debts or claims against the estate or other lawful expenditures with respect to the estate;

(3)the effect of the order on the speedy settlement of the estate; and

(4)the best interests of the estate.

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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.