Texas Property Code
§ 142.004 — INVESTMENT OF FUNDS
PR § 142.004Title 10. MISCELLANEOUS BENEFICIAL PROPERTY INTERESTS · Part A. PERSONS UNDER DISABILITY · Ch. 142. MANAGEMENT OF PROPERTY RECOVERED IN SUIT BY A NEXT FRIEND OR GUARDIAN AD LITEM
Statute text
View on source(a)In a suit in which a minor or incapacitated person who has no legal guardian is represented by a next friend or an appointed guardian ad litem, any money recovered by the plaintiff, if not otherwise managed under this chapter, may be invested:
(1)by the next friend or guardian ad litem in:
(A)a higher education savings plan established under Subchapter G, Chapter 54, Education Code, a prepaid tuition program established under Subchapter H, Chapter 54, Education Code, or an ABLE account established in accordance with the Texas Achieving a Better Life Experience (ABLE) Program under Subchapter J, Chapter 54, Education Code; or
(B)interest-bearing time deposits in a financial institution doing business in this state and insured by the Federal Deposit Insurance Corporation; or
(2)by the clerk of the court, on written order of the court of proper jurisdiction, in:
(A)a higher education savings plan established under Subchapter G, Chapter 54, Education Code, a prepaid tuition program established under Subchapter H, Chapter 54, Education Code, or an ABLE account established in accordance with the Texas Achieving a Better Life Experience (ABLE) Program under Subchapter J, Chapter 54, Education Code;
…
Legislative history
Acts 2015, 84th Leg., R.S., Ch. 289 (H.B. 1560), Sec. 1, eff. September 1, 2015. Acts 2017, 85th Leg., R.S., Ch. 938 (S.B. 1764), Sec. 3, eff. September 1, 2017.