Texas Property Code

§ 114.063 — GENERAL RIGHT TO REIMBURSEMENT

PR § 114.063Title 9. TRUSTS · Part B. TEXAS TRUST CODE: CREATION, OPERATION, AND TERMINATION OF TRUSTS · Ch. 114. LIABILITIES, RIGHTS, AND REMEDIES OF TRUSTEES, BENEFICIARIES, AND THIRD PERSONS · Art. C. RIGHTS OF TRUSTEE

Statute text

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(a)A trustee may discharge or reimburse himself from trust principal or income or partly from both for:

(1)advances made for the convenience, benefit, or protection of the trust or its property;

(2)expenses incurred while administering or protecting the trust or because of the trustee's holding or owning any of the trust property; and

(3)expenses incurred for any action taken under Section 113.025.

(b)The trustee has a lien against trust property to secure reimbursement under Subsection (a).

(c)A potential trustee is entitled to reimbursement from trust principal or income or partly from both for reasonable expenses incurred for any action taken under Section 113.025(a) if:

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Legislative history

Added by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, Sec. 2, eff. Jan. 1, 1984. Amended by Acts 1993, 73rd Leg., ch. 846, Sec. 31, eff. Sept. 1, 1993.