Texas Property Code

§ 113.053 — PURCHASE OR SALE OF TRUST PROPERTY BY TRUSTEE

PR § 113.053Title 9. TRUSTS · Part B. TEXAS TRUST CODE: CREATION, OPERATION, AND TERMINATION OF TRUSTS · Ch. 113. ADMINISTRATION · Art. B. DUTIES OF TRUSTEE

Statute text

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(a)Except as provided by Subsections (b), (c), (d), (e), (f), and (g), a trustee shall not directly or indirectly buy or sell trust property from or to:

(1)the trustee or an affiliate;

(2)a director, officer, or employee of the trustee or an affiliate;

(3)a relative of the trustee; or

(4)the trustee's employer, partner, or other business associate.

(b)A national banking association or a state-chartered corporation with the right to exercise trust powers that is serving as executor, administrator, guardian, trustee, or receiver may sell shares of its own capital stock held by it for an estate to one or more of its officers or directors if a court:

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Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 1337 (S.B. 778), Sec. 1, eff. September 1, 2013.