Texas Estates Code 1301.058 – Bond Requirements for Trustees
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(a) The following serve without giving a bond in accordance with the trust terms required by Sections 1301.101(a)(4) and (a-1):
(1) a trustee of a management trust that is a corporate fiduciary; and
(2) any other trustee of a management trust created for a person who has only a physical disability.
(b) Except as provided by Subsection (a), the court shall require a person serving as trustee of a management trust to file with the county clerk a bond that:
(1) is in an amount equal to the value of the trust’s principal and projected annual income; and
(2) meets the conditions the court determines are necessary.
Terms Used In Texas Estates Code 1301.058
- 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 - Fiduciary: A trustee, executor, or administrator.
- Person: includes a natural person and a corporation. See Texas Estates Code 22.027
- Trustee: A person or institution holding and administering property in trust.