Texas Property Code 113.054 – Sales From One Trust to Another
Current as of: 2024 | Check for updates
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Terms Used In Texas Property Code 113.054
- 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
- Trustee: A person or institution holding and administering property in trust.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
A trustee of one trust may not sell property to another trust of which it is also trustee unless the property is:
(1) a bond, note, bill, or other obligation issued or fully guaranteed as to principal and interest by the United States; and
(2) sold for its current market price.