Sec. 113.054. SALES FROM ONE TRUST TO ANOTHER. A trustee of one trust may not sell property to another trust of which it is also trustee unless the property is:
(1) a bond, note, bill, or other obligation issued or fully guaranteed as to principal and interest by the United States; and
(2) sold for its current market price.
Amended by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, Sec. 2, eff. Jan. 1, 1984.
Structure Texas Statutes
Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts
Subchapter B. Duties of Trustee
Section 113.052. Loan of Trust Funds to Trustee
Section 113.053. Purchase or Sale of Trust Property by Trustee
Section 113.054. Sales From One Trust to Another
Section 113.055. Purchase of Trustee's Securities
Section 113.056. Authorization to Make Certain Investments