Texas Probate Code - Section 774. Exercise Of Power With Or Without Court Order
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§ 774. EXERCISE OF POWER WITH OR WITHOUT COURT ORDER. (a)
On application, and if authorized by an order, the guardian of the
estate may renew or extend any obligation owed by or to the ward. On
written application to the court and when a guardian of the estate
deems it is in the best interest of the estate, the guardian may, if
authorized by an order of the court:
(1) purchase or exchange property;
(2) take a claim or property for the use and benefit of the
estate in payment of a debt due or owing to the estate;
(3) compound a bad or doubtful debt due or owing to the
estate;
(4) make a compromise or a settlement in relation to
property or a claim in dispute or litigation;
(5) compromise or pay in full any secured claim that has
been allowed and approved as required by law against the estate by
conveying to the holder of the secured claim the real estate or
personalty securing the claim, in full payment, liquidation, and
satisfaction of the claim, and in consideration of cancellation of
a note, deed of trust, mortgage, chattel mortgage, or other
evidence of a lien that secures the payment of the claim;
(6) abandon worthless or burdensome property and the
administration of that property. Abandoned real or personal
property may be foreclosed on by a secured party, trustee, or
mortgagee without further order of the court;
(7) purchase a prepaid funeral benefits contract; and
(8) establish a trust in accordance with 42 U.S.C. Section
1396p(d)(4)(B), as amended, and direct that the income of the ward
as defined by that section be paid directly to the trust, solely for
the purpose of the ward's eligibility for medical assistance under
Chapter 32, Human Resources Code.
(b) The guardian of the estate of a person, without
application to or order of the court, may exercise the following
powers provided, however, that a guardian may apply and obtain an
order if doubtful of the propriety of the exercise of any such
power:
(1) release a lien on payment at maturity of the debt
secured by the lien;
(2) vote stocks by limited or general proxy;
(3) pay calls and assessments;
(4) insure the estate against liability in appropriate
cases;
(5) insure property of the estate against fire, theft, and
other hazards; and
(6) pay taxes, court costs, and bond premiums.
Added by Acts 1993, 73rd Leg., ch. 957, § 1, eff. Sept. 1, 1993.
Amended by Acts 1997, 75th Leg., ch. 77, § 6, eff. Sept. 1, 1997;
Acts 2001, 77th Leg., ch. 305, § 1, eff. Sept. 1, 2001.
Subsec. (a) amended by Acts 2003, 78th Leg., ch. 549, § 19, eff.
Sept. 1, 2003.
Section: 768 769 770 770A 771 772 773 774 775 776 776A 777 778 779 780
Last modified: August 11, 2007
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