Texas Government Code 2257.082 – Funds of Exempt Institution
Current as of: 2024 | Check for updates
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Terms Used In Texas Government Code 2257.082
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- 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
An exempt institution is not required to have its funds fully insured or collateralized at all times if:
(1) the funds are held by:
(A) a custodian of the institution’s assets under a trust agreement; or
(B) a person in connection with a transaction related to an investment; and
(2) the governing body of the institution, in exercising its fiduciary responsibility, determines that the institution is adequately protected by using a trust agreement, special deposit, surety bond, substantial deposit insurance, or other method an exempt institution commonly uses to protect itself from liability.