Texas Property Code 113.003 – Options
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Terms Used In Texas Property Code 113.003
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: means real and personal property. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
A trustee may:
(1) grant an option involving a sale, lease, or other disposition of trust property, including an option exercisable beyond the duration of the trust; or
(2) acquire and exercise an option for the acquisition of property, including an option exercisable beyond the duration of the trust.