Texas Estates Code 1151.102 – Exercise of Authority Under Court Order
Current as of: 2024 | Check for updates
|
Other versions
(a) The guardian of the estate may renew or extend any obligation owed by or to the ward on application and if authorized by order.
(b) On written application to the court, a guardian of the estate may take an action described by Subsection (c) if:
(1) the guardian considers the action in the best interests of the estate; and
(2) the action is authorized by court order.
Terms Used In Texas Estates Code 1151.102
- Contract: A legal written agreement that becomes binding when signed.
- Court: means and includes:
(1) a county court in the exercise of its probate jurisdiction;
(2) a court created by statute and authorized to exercise original probate jurisdiction; and
(3) a district court exercising original probate jurisdiction in a contested matter. See Texas Estates Code 22.007 - Deed: The legal instrument used to transfer title in real property from one person to another.
- 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 - Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means real and personal property. See Texas Government Code 311.005
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- 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
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) A guardian of the estate who complies with Subsection (b) may:
(1) purchase or exchange property;
(2) take a claim or property for the use and benefit of the estate in payment of a debt due or owing to the estate;
(3) compound a bad or doubtful debt due or owing to the estate;
(4) make a compromise or a settlement in relation to property or a claim in dispute or litigation;
(5) compromise or pay in full any secured claim that has been allowed and approved as required by law against the estate by conveying to the holder of the secured claim the real estate or personal property securing the claim:
(A) in full payment, liquidation, and satisfaction of the claim; and
(B) in consideration of cancellation of a note, deed of trust, mortgage, chattel mortgage, or other evidence of a lien that secures the payment of the claim;
(6) abandon worthless or burdensome property and the administration of that property;
(7) purchase a prepaid funeral benefits contract; and
(8) establish a trust in accordance with 42 U.S.C. § 1396p(d)(4)(B), and direct that the income of the ward as defined by that section be paid directly to the trust, solely for the purpose of the ward’s eligibility for medical assistance under Chapter 32, Human Resources Code.
(d) A mortgagee, another secured party, or a trustee may foreclose on property abandoned under Subsection (c)(6) without further court order.