Texas Property Code

§ 114.081 — PROTECTION OF PERSON DEALING WITH TRUSTEE

PR § 114.081Title 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. D. THIRD PERSONS

Statute text

View on source

(a)A person who deals with a trustee in good faith and for fair value actually received by the trust is not liable to the trustee or the beneficiaries of the trust if the trustee has exceeded the trustee's authority in dealing with the person.

(b)A person other than a beneficiary is not required to inquire into the extent of the trustee's powers or the propriety of the exercise of those powers if the person:

(1)deals with the trustee in good faith; and

(2)obtains:

(A)a certification of trust described by Section 114.086; or

(B)a copy of the trust instrument.

…

Legislative history

Acts 2007, 80th Leg., R.S., Ch. 451 (H.B. 564), Sec. 9, eff. September 1, 2007.