Sec. 1355.153. DEPOSIT OF MONEY IN TRUST. (a) On receipt of money under this subchapter, an eleemosynary institution shall deposit all of the money received to the resident's trust account.
(b) Money deposited in a trust account may be used only:
(1) by or for the personal use of the owner of the trust account, under the rules or custom of the institution in the expenditure of money by a resident; or
(2) by the responsible officer of the institution, for the resident's use and benefit.
Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.
Structure Texas Statutes
Title 3 - Guardianship and Related Procedures
Subtitle I - Other Special Proceedings and Substitutes for Guardianship
Chapter 1355 - Payment of Certain Claims Without Guardianship
Subchapter D. Use of Money by Eleemosynary Institution
Section 1355.151. Applicability of Subchapter
Section 1355.152. Payment of Money to Institution