Texas Property Code 82.115 – Association as Trustee
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Terms Used In Texas Property Code 82.115
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means the unit owners' association organized under § 82. See Texas Property Code 82.003
- 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
- Trustee: A person or institution holding and administering property in trust.
A third person dealing with an association in the association’s capacity as a trustee may assume without inquiry the existence of trust powers and their proper exercise by the association. A third person who lacks actual knowledge that an association is exceeding or improperly exercising its powers is fully protected in dealing with the association as if the association possessed and properly exercised the powers it purports to exercise. A third person is not bound to ensure the proper application of trust assets paid or delivered to an association in its capacity as trustee.