Texas Property Code
§ 113.058 — BOND
PR § 113.058Title 9. TRUSTS · Part B. TEXAS TRUST CODE: CREATION, OPERATION, AND TERMINATION OF TRUSTS · Ch. 113. ADMINISTRATION · Art. B. DUTIES OF TRUSTEE
Statute text
View on source(a)A corporate trustee is not required to provide a bond to secure performance of its duties as trustee.
(b)Unless the instrument creating the trust provides otherwise, a noncorporate trustee must give bond:
(1)payable to the trust estate of the trust, the registry of the court, or each person interested in the trust, as their interests may appear; and
(2)conditioned on the faithful performance of the trustee's duties.
(c)The bond must be in an amount and with the sureties required by order of a court in a proceeding brought for this determination.
(d)Any interested person may bring an action to increase or decrease the amount of a bond, require a bond, or substitute or add sureties. Notwithstanding Subsection (b), for cause shown, a court may require a bond even if the instrument creating the trust provides otherwise.
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Legislative history
Acts 2005, 79th Leg., Ch. 148 (H.B. 1190), Sec. 14, eff. January 1, 2006. Acts 2007, 80th Leg., R.S., Ch. 451 (H.B. 564), Sec. 6, eff. September 1, 2007.