Sec. 305.155. DEPOSIT OF ESTATE ASSETS ON TERMS PRESCRIBED BY COURT. (a) Cash, securities, or other personal assets of an estate or to which the estate is entitled may or, if considered by the court to be in the best interest of the estate, shall, be deposited in one or more depositories described by Section 305.154(c) on terms prescribed by the court.
(b) The court in which the proceedings are pending may authorize or require additional estate assets currently on hand or that accrue during the pendency of the proceedings to be deposited as provided by Subsection (a) on:
(1) the court's own motion; or
(2) the written application of the personal representative or any other person interested in the estate.
(c) The amount of the bond required to be given by the personal representative shall be reduced in proportion to the amount of the cash and the value of the securities or other assets deposited under this section.
(d) Cash, securities, or other assets deposited under this section may be withdrawn in whole or in part from the depository only in accordance with a court order, and the amount of the personal representative's bond shall be increased in proportion to the amount of the cash and the value of the securities or other assets authorized to be withdrawn.
Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502), Sec. 1, eff. January 1, 2014.
Structure Texas Statutes
Title 2 - Estates of Decedents; Durable Powers of Attorney
Subtitle G - Initial Appointment of Personal Representative and Opening of Administration
Chapter 305 - Qualification of Personal Representatives
Subchapter D. Amount of Bond and Associated Deposits
Section 305.151. General Standard Regarding Amount of Bond
Section 305.152. Evidentiary Hearing on Amount of Bond
Section 305.153. Specific Bond Amount
Section 305.154. Agreement Regarding Deposit of Estate Assets
Section 305.155. Deposit of Estate Assets on Terms Prescribed by Court
Section 305.156. Deposits of Personal Representative
Section 305.157. Receipt for Deposits of Personal Representative
Section 305.158. Bond Required Instead of Deposits by Personal Representative
Section 305.159. Withdrawal of Deposits on Closing of Administration
Section 305.160. Increased or Additional Bonds in Certain Circumstances