Sec. 5.009. DUTIES OF LIFE TENANT. (a) Subject to Subsection (b), if the life tenant of a legal life estate is given the power to sell and reinvest any life tenancy property, the life tenant is subject, with respect to the sale and investment of the property, to all of the fiduciary duties of a trustee imposed by the Texas Trust Code (Subtitle B, Title 9, Property Code) or the common law of this state.
(b) A life tenant may retain, as life tenancy property, any real property originally conveyed to the life tenant without being subject to the fiduciary duties of a trustee; however, the life tenant is subject to the common law duties of a life tenant.
Acts 1993, 73rd Leg., ch. 846, Sec. 34, eff. Sept. 1, 1993. Renumbered from Property Code Sec. 5.008 by Acts 1995, 74th Leg., ch. 76, Sec. 17.01(42), eff. Sept. 1, 1995.
Structure Texas Statutes
Subchapter A. General Provisions
Section 5.002. Failing as a Conveyance
Section 5.003. Partial Conveyance
Section 5.004. Conveyance by Authorized Officer
Section 5.006. Attorney's Fees in Breach of Restrictive Covenant Action
Section 5.007. Vendor and Purchaser Risk Act
Section 5.008. Seller's Disclosure of Property Condition
Section 5.009. Duties of Life Tenant
Section 5.010. Notice of Additional Tax Liability
Section 5.011. Seller's Disclosure Regarding Potential Annexation
Section 5.012. Notice of Obligations Related to Membership in Property Owners' Association
Section 5.014. Notice of Obligations Related to Public Improvement District
Section 5.0141. Notice Required Before Contract Execution
Section 5.0142. Purchaser Signature Required
Section 5.0143. Recording of Notice at Closing
Section 5.0144. Reliance on Filed Service Plan
Section 5.0145. Suits for Damages
Section 5.015. Prohibited Fees
Section 5.016. Conveyance of Residential Property Encumbered by Lien
Section 5.018. Disclosure of Absence of Certain Warranties
Section 5.019. Notice of Water Level Fluctuations
Section 5.020. Easements Restricting Possession of Firearms or Alcoholic Beverages Prohibited