Title PR, Property Code

Sec. 141.014. POWERS OF CUSTODIAN. (a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that…

Sec. 141.015. USE OF CUSTODIAL PROPERTY. (a) A custodian may deliver or pay to the minor or expend for the minor's benefit as much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to: (1) t…

Sec. 141.016. CUSTODIAN'S EXPENSES, COMPENSATION, AND BOND. (a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. (b) Except for one who is a transferor under Section 141.005, a custodia…

Sec. 141.017. EXEMPTION OF THIRD PERSON FROM LIABILITY. A third person, in good faith and without court order, may act on the instructions of or otherwise deal with any person purporting to make a transfer or act in the capacity of a custodian and, in the absence of knowledge, is…

Sec. 141.018. LIABILITY TO THIRD PERSON. (a) A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship may be asserted against the…

Sec. 141.019. RENUNCIATION, RESIGNATION, DEATH, OR REMOVAL OF CUSTODIAN; DESIGNATION OF SUCCESSOR CUSTODIAN. (a) A person nominated to serve as a custodian under Section 141.004 or designated to serve as a custodian under Section 141.010 may decline to serve as custodian by deliv…

Sec. 141.020. ACCOUNTING BY AND DETERMINATION OF LIABILITY. (a) A minor who is at least 14 years of age, the minor's guardian of the person or legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court …

Sec. 141.021. TERMINATION OF CUSTODIANSHIP. The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate on the earlier of the date: (1) the minor attains 21 years of age, with respect to custodial property transferred under S…

Sec. 141.022. APPLICABILITY. Except as provided by Section 141.025, this chapter applies to a transfer within the scope of Section 141.003 made after September 1, 1995, if: (1) the transfer purports to have been made under the Texas Uniform Gifts to Minors Act; or (2) the instrum…

Sec. 141.023. EFFECT ON EXISTING CUSTODIANSHIPS. (a) Any transfer of custodial property under this chapter made before September 1, 1995, is validated notwithstanding that there was no specific authority in this chapter for the coverage of custodial property of that kind or for a…

Sec. 141.024. UNIFORMITY OF APPLICATION AND CONSTRUCTION. This chapter shall be applied and construed to effect its general purpose, to make uniform the law with respect to the subject of this chapter among states enacting that law. Added by Acts 1995, 74th Leg., ch. 1043, Sec. 1…

Sec. 141.025. ADDITIONAL TRANSFERS TO CUSTODIANSHIPS IN EXISTENCE BEFORE EFFECTIVE DATE OF ACT. (a) This section applies only to a transfer within the scope of Section 141.003 made after September 1, 1995, to a custodian of a custodianship established before September 1, 1995, un…

Sec. 142.001. MANAGEMENT BY DECREE. (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, the court, on application and hearing, may provide by decree for the investment of funds accruin…

Sec. 142.002. MANAGEMENT BY BONDED MANAGER. (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, the court in which a judgment is rendered may by an order entered of record authorize th…

Sec. 142.003. COMPENSATION AND DUTIES OF MANAGERS. (a) A person who manages property under Section 142.001 or 142.002 is entitled to receive compensation as allowed by the court. (b) The person shall make dispositions of the property as ordered by the court and shall return the p…

Sec. 142.004. INVESTMENT OF FUNDS. (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 investe…

Sec. 142.005. TRUST FOR PROPERTY. (a) Any court of record with jurisdiction to hear a suit involving a beneficiary may, on application and on a finding that the creation of a trust would be in the best interests of the beneficiary, enter a decree in the record directing the clerk…

Sec. 142.006. CLAIMS AGAINST PROPERTY. If any person claims an interest in property subject to management under this chapter, the court having authority over the property may hear evidence on the interest and may order the claim or the portion of the claim found to be just to be …

Sec. 142.007. INCAPACITATED PERSON. For the purposes of this chapter, "incapacitated person" means a person who is impaired because of mental illness, mental deficiency, physical illness or disability, advanced age, chronic use of drugs, chronic intoxication, or any other cause e…

Sec. 142.008. STRUCTURED SETTLEMENT. (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, the court, on a motion from the parties, may provide for a structured settlement that: (1) prov…

Sec. 142.009. ANNUITY CONTRACT REQUIREMENTS FOR STRUCTURED SETTLEMENT. (a) An insurance company providing an annuity contract for a structured settlement as provided by Section 142.008 must: (1) be licensed to write annuity contracts in this state; (2) have a minimum of $1 millio…

Sec. 142.010. TRANSFER OF TRUST PROPERTY TO A POOLED TRUST SUBACCOUNT. (a) In this section, "management trust" means a trust created for a beneficiary in accordance with Section 142.005. (b) If the court with continuing jurisdiction over a management trust determines that it is i…

Sec. 143.001. DEFINITIONS. In this chapter: (1) "Beneficiary" means a person for whose benefit a subaccount is established. (2) "Incapacitated person" has the meaning assigned by Section 142.007. (3) "Medical assistance" means benefits and services under the medical assistance pr…

Sec. 143.002. APPLICATION TO ESTABLISH SUBACCOUNT. The following persons may apply to the court having jurisdiction under Section 142.005 for the establishment of a subaccount solely for the benefit of a proposed beneficiary who is a person for whom a management trust has been or…

Sec. 143.003. APPOINTMENT OF ATTORNEY AD LITEM. (a) The court shall appoint an attorney ad litem for a person who is a minor or an incapacitated person and who is the subject of an application under Section 143.002. (b) The attorney ad litem is entitled to a reasonable fee and re…

Sec. 143.004. ESTABLISHMENT OF SUBACCOUNT. If the court finds that it is in the best interests of a person who is the subject of an application under Section 143.002, the court may order: (1) the establishment of a subaccount of which the person is the beneficiary; and (2) the tr…

Sec. 143.005. TERMS OF SUBACCOUNT. Unless the court orders otherwise, the terms governing the subaccount must provide that: (1) the subaccount terminates on the earliest of the date of: (A) the beneficiary's 18th birthday, if the beneficiary: (i) is not found by the court to be c…

Sec. 143.006. FEES AND REPORTING. (a) The manager or trustee of a pooled trust may: (1) assess fees against a subaccount of that pooled trust that is established under this chapter, in accordance with the manager's or trustee's standard fee structure; and (2) pay fees assessed un…

Sec. 143.007. JURISDICTION EXCLUSIVE. Notwithstanding any other law, the court that orders the establishment of a subaccount for a beneficiary has exclusive jurisdiction of a subsequent proceeding or action that relates to both the beneficiary and the subaccount, and the proceedi…

Sec. 161.001. DEFINITIONS. In this chapter: (1) "Fiduciary" means an executor, administrator, or trustee of an express trust, including a corporation or a natural person acting as fiduciary, and a successor or substitute, whether or not designated in a trust instrument. (2) "Clea…

Sec. 161.002. DECREE OR GOVERNING INSTRUMENT CONTROLS. The authority granted in this chapter is subject to contrary or limiting provisions in the instrument or court order appointing the fiduciary of the securities or in a subsequent court order. Acts 1983, 68th Leg., p. 3715, ch…

Sec. 161.021. AUTHORITY OF FIDUCIARY. A fiduciary who holds a security in a fiduciary capacity may: (1) employ a bank incorporated in this state or a national bank located in this state as custodian of the security; and (2) whether the fiduciary is an individual or a bank and if …

Sec. 161.022. SEPARATE ASSETS. (a) A bank holding a security under this subchapter, whether in registered or bearer form, at all times shall keep the security separate from the bank's assets. The bank may: (1) hold separately the certificates representing securities that periodic…

Sec. 161.023. EXPENSE OF CUSTODIANSHIP. Unless the fiduciary is a corporation, the cost of employing a bank as a custodian of securities under this subchapter is a charge against the estate or trust. Acts 1983, 68th Leg., p. 3716, ch. 576, Sec. 1, eff. Jan. 1, 1984.

Sec. 161.024. RECORDS. A bank holding a security under Section 161.021, whether in registered or bearer form, at all times shall keep records showing the ownership of the security. Acts 1983, 68th Leg., p. 3716, ch. 576, Sec. 1, eff. Jan. 1, 1984.

Sec. 161.025. REDELIVERY OF SECURITY HELD BY NOMINEE. (a) A bank holding a security in the name of a nominee of the bank under this subchapter may not redeliver the security to the individual fiduciary who authorized its registration in the name of the nominee without registering…

Sec. 161.026. DISPOSITION OF SECURITY HELD BY NOMINEE. A bank holding a security in the name of a nominee under this subchapter may make any disposition of the security that is authorized or ordered by a court having jurisdiction of the estate or trust. Acts 1983, 68th Leg., p. 3…

Sec. 161.027. LIABILITY. A bank holding a security in the name of a nominee under this subchapter is liable for a loss resulting from the acts of the bank's nominee with respect to the security. Acts 1983, 68th Leg., p. 3717, ch. 576, Sec. 1, eff. Jan. 1, 1984.

Sec. 161.028. CERTIFICATION. (a) On the demand of a fiduciary employing a bank to hold a security as custodian under this subchapter, the bank shall identify in a written certification the securities it holds for the fiduciary. (b) On the demand of a party, or the attorney of a p…

Sec. 161.051. APPLICATION. (a) Except as provided by Subsection (b), this subchapter applies to a fiduciary holding a security in its fiduciary capacity and to a bank, trust company, or private banker holding a security as a fiduciary, custodian, custodian for a fiduciary, or man…

Sec. 161.052. AUTHORITY OF FIDUCIARY. A fiduciary holding a security in its fiduciary capacity and a bank, trust company, or private banker holding a security as a custodian for a fiduciary, a managing agent, or a custodian may deposit or arrange for the deposit of the security w…

Sec. 161.053. BULK HOLDINGS. A clearing corporation may merge and hold in bulk certificates representing the same class of securities of the same issuer that are deposited with it under this subchapter, together with any other securities deposited with the clearing corporation by…

Sec. 161.054. RECORDS. A fiduciary, bank, trust company, or private banker depositing a security under this subchapter shall show in its records at all times the ownership of the securities deposited in the account. Acts 1983, 68th Leg., p. 3719, ch. 576, Sec. 1, eff. Jan. 1, 198…

Sec. 161.055. REGULATION. A bank, trust company, or private banker depositing securities under this subchapter is subject to the regulations issued by the Finance Commission of Texas if the institution is chartered by this state or is private or by the comptroller of the currency…

Sec. 161.056. BOOK TRANSFERS. The Federal Reserve Bank of Dallas or a clearing corporation holding securities deposited under this subchapter may transfer ownership of or other interests in the securities by making entries in the books of the bank or corporation and without physi…

Sec. 161.057. LIABILITY. A fiduciary who deposits securities in a clearing corporation is liable to the beneficial owner of the securities for a loss resulting from the acts or omissions of the clearing corporation. This subchapter does not affect a liability between the fiduciar…