Texas Property Code
§ 113.0211 — ADJUSTMENT OF CHARITABLE TRUST
PR § 113.0211Title 9. TRUSTS · Part B. TEXAS TRUST CODE: CREATION, OPERATION, AND TERMINATION OF TRUSTS · Ch. 113. ADMINISTRATION · Art. A. POWERS OF TRUSTEE
Statute text
View on source(a)In this section:
(1)"Charitable entity" has the meaning assigned by Section 123.001(1).
(2)"Charitable trust" means a trust:
(A)the stated purpose of which is to benefit only one or more charitable entities; and
(B)that qualifies as a charitable entity.
(b)The trustee of a charitable trust may acquire, exchange, sell, supervise, manage, or retain any type of investment, subject to restrictions and procedures established by the trustee and in an amount considered appropriate by the trustee, that a prudent investor, exercising reasonable skill, care, and caution, would acquire or retain in light of the purposes, terms, distribution requirements, and other circumstances of the trust. The prudence of a trustee's actions under this subsection is judged with reference to the investment of all of the trust assets rather than with reference to a single trust investment.
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Legislative history
Added by Acts 2003, 78th Leg., ch. 550, Sec. 1, eff. Sept. 1, 2003.