Texas Property Code

§ 113.054 — SALES FROM ONE TRUST TO ANOTHER

PR § 113.054Title 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 trustee of one trust may not sell property to another trust of which it is also trustee unless the property is:

(1)a bond, note, bill, or other obligation issued or fully guaranteed as to principal and interest by the United States; and

(2)sold for its current market price.

Legislative history

Amended by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, Sec. 2, eff. Jan. 1, 1984.