Sec. 117.006. DUTIES AT INCEPTION OF TRUSTEESHIP. Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this chapter.
Added by Acts 2003, 78th Leg., ch. 1103, Sec. 1, eff. Jan. 1, 2004.
Structure Texas Statutes
Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts
Chapter 117 - Uniform Prudent Investor Act
Section 117.002. Uniformity of Application and Construction
Section 117.003. Prudent Investor Rule
Section 117.004. Standard of Care; Portfolio Strategy; Risk and Return Objectives
Section 117.005. Diversification
Section 117.006. Duties at Inception of Trusteeship
Section 117.009. Investment Costs
Section 117.010. Reviewing Compliance
Section 117.011. Delegation of Investment and Management Functions