Texas Property Code
§ 141.013 — CARE OF CUSTODIAL PROPERTY
PR § 141.013Title 10. MISCELLANEOUS BENEFICIAL PROPERTY INTERESTS · Part A. PERSONS UNDER DISABILITY · Ch. 141. TRANSFERS TO MINORS
Statute text
View on source(a)A custodian shall:
(1)take control of custodial property;
(2)register or record title to custodial property if appropriate; and
(3)collect, hold, manage, sell, convey, invest, and reinvest custodial property.
(b)In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise, the custodian shall use that skill or expertise. However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor.
(c)A custodian may invest in or pay premiums on life insurance or endowment policies on the life of:
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Legislative history
Amended by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995. Renumbered from Property Code Sec. 13 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.