Sec. 1301.058. BOND REQUIREMENTS FOR TRUSTEES. (a) The following serve without giving a bond in accordance with the trust terms required by Sections 1301.101(a)(4) and (a-1):
(1) a trustee of a management trust that is a corporate fiduciary; and
(2) any other trustee of a management trust created for a person who has only a physical disability.
(b) Except as provided by Subsection (a), the court shall require a person serving as trustee of a management trust to file with the county clerk a bond that:
(1) is in an amount equal to the value of the trust's principal and projected annual income; and
(2) meets the conditions the court determines are necessary.
Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 982 (H.B. 2080), Sec. 29, eff. January 1, 2014.
Structure Texas Statutes
Title 3 - Guardianship and Related Procedures
Subtitle H - Court-Authorized Trusts and Accounts
Chapter 1301 - Management Trusts
Subchapter B. Creation of Management Trusts
Section 1301.051. Eligibility to Apply for Creation of Trust
Section 1301.052. Venue for Proceeding Involving Trust for an Alleged Incapacitated Person
Section 1301.053. Creation of Trust
Section 1301.054. Creation of Trust for Incapacitated Person Without Guardian
Section 1301.055. Authority of Court to Appoint Guardian Instead of Creating Trust
Section 1301.056. Contents of Order Creating Trust