Texas Estates Code 1301.156 – Liability of Certain Persons for Conduct of Trustee
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Estates Code 1301.156
- Estate: means a decedent's property, as that property:
(1) exists originally and as the property changes in form by sale, reinvestment, or otherwise;
(2) is augmented by any accretions and other additions to the property, including any property to be distributed to the decedent's representative by the trustee of a trust that terminates on the decedent's death, and substitutions for the property; and
(3) is diminished by any decreases in or distributions from the property. See Texas Estates Code 22.012 - Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Person: includes a natural person and a corporation. See Texas Estates Code 22.027
- Surety: includes a personal surety and a corporate surety. See Texas Estates Code 22.032
- Trustee: A person or institution holding and administering property in trust.
- Ward: means a person for whom a guardian has been appointed. See Texas Estates Code 22.033
The guardian of the person or of the estate of a ward for whom a management trust is created or the surety on the guardian’s bond is not liable for an act or omission of the trustee of the trust.