Texas Finance Code 123.207 – Fiduciary Powers
Terms Used In Texas Finance Code 123.207
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- 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 corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
A credit union may:
(1) act, under court order or appointment, as guardian, receiver, trustee, executor, or administrator without giving bond;
(2) receive an investment from a person acting as a guardian, receiver, trustee, executor, or administrator under the Estates Code or Subtitle B, Title 9, Property Code;
(3) act as depository for money paid to a court or constituting the estate of a deceased person, a minor, or an incompetent;
(4) accept, execute, and administer a trust as trustee;
(5) accept funds or money for deposit by a fiduciary, trustee, receiver, guardian, executor, or administrator; or
(6) act as custodian or trustee of a pension or profit-sharing plan, including an individual retirement account or a pension fund of a self-employed individual or of the sponsor of a credit union.