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Texas Property Code - Chapter 113 AdministrationLegal Research Home > Texas Lawyer > Property Code > Texas Property Code - Chapter 113 Administration Sponsored LinksA power given to a trustee by this subchapter does not apply to a trust to the extent that the instrument creating the trust, a ... Except as provided by Section 113.001, a trustee may exercise any powers in addition to the powers authorized by this subchapter that are necessary or ... 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 ... A trustee may receive from any source additions to the assets of the trust. Amended by Acts 1983, 68th Leg., p. 3332, ch. 567, art. ... A trustee may acquire all or a portion of the remaining undivided interest in property in which the trust holds an undivided interest. Amended by ... Subject to the requirements of Chapter 117, a trustee may manage the trust property and invest and reinvest in property of any character on the ... A trustee may deposit trust funds that are being held pending investment, distribution, or the payment of debts in a bank that is subject to ... A trustee may invest in, continue, or participate in the operation of any business or other investment enterprise in any form, including a sole proprietorship, ... A trustee may: (1) exchange, subdivide, develop, improve, or partition real property; (2) make or vacate public plats; (3) adjust boundaries; (4) adjust differences in ... A trustee may contract to sell, sell and convey, or grant an option to sell real or personal property at public auction or private sale ... (a) A trustee may grant or take a lease of real or personal property for any term, with or without options to purchase and with ... (a) A trustee may enter into mineral transactions, including: (1) negotiating and making oil, gas, and other mineral leases covering any land, mineral, or royalty ... A trustee may purchase insurance of any nature, form, or amount to protect the trust property and the trustee. Amended by Acts 1983, 68th Leg., ... A trustee may pay taxes and assessments levied or assessed against the trust estate or the trustee by governmental taxing or assessing authorities. Amended by ... A trustee may borrow money from any source, including a trustee, purchase property on credit, and mortgage, pledge, or in any other manner encumber all ... A trustee may: (1) pay calls, assessments, or other charges against or because of securities or other investments held by the trust; (2) sell or ... A trustee may: (1) hold corporate stock or other securities in the name of a nominee; (2) under Subchapter B, Chapter 161, or other law, ... A trustee may employ attorneys, accountants, agents, including investment agents, and brokers reasonably necessary in the administration of the trust estate. Added by Acts 1983, ... A trustee may compromise, contest, arbitrate, or settle claims of or against the trust estate or the trustee. Added by Acts 1983, 68th Leg., p. ... A trustee may abandon property the trustee considers burdensome or worthless. Added by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, § 2, ... Text of subsec. (a) effective until January 1, 2006 (a) A trustee may make a distribution required or permitted to be made to any ... (a) In this section: (1) "Charitable entity" has the meaning assigned by Section 123.001(1). (2) "Charitable trust" means a trust: (A) the stated purpose of ... A trustee of a trust that is not a charitable remainder unitrust, annuity trust, or pooled income fund that is intended to qualify for a ... (a) If trust property is situated outside this state, a Texas trustee may name in writing an individual or corporation qualified to act in the ... The powers, duties, and responsibilities under this subtitle do not exclude other implied powers, duties, or responsibilities that are not inconsistent with this subtitle. Added ... (a) A trustee or a potential trustee may inspect, investigate, cause to be inspected, or cause to be investigated trust property, property that the trustee ... (a) In this section: (1) "Charitable entity" has the meaning assigned by Section 123.001. (2) "Failed charitable beneficiary" means a charitable entity that is named ... When distributing trust property or dividing or terminating a trust, a trustee may: (1) make distributions in divided or undivided interests; (2) allocate particular assets ... (a) A trustee may not prosecute or assert a claim for damages in a cause of action against a party who is not a beneficiary ... The trustee shall administer the trust in good faith according to its terms and this subtitle. In the absence of any contrary terms in the ... (a) Except as provided by Subsection (b) of this section, a trustee may not lend trust funds to: (1) the trustee or an affiliate; (2) ... (a) Except as provided by Subsections (b), (c), (d), (e), (f), and (g), a trustee shall not directly or indirectly buy or sell trust property ... 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, ... (a) Except as provided by Subsection (b) of this section, a corporate trustee may not purchase for the trust the stock, bonds, obligations, or other ... (a) Unless the terms of the trust instrument provide otherwise, and subject to the investment standards provided by this subtitle and any investment standards provided ... (a) A corporate trustee may deposit trust funds with itself as a permanent investment if authorized by the settlor in the instrument creating the trust ... (a) A corporate trustee is not required to provide a bond to secure performance of its duties as trustee. Text of subsec. (b) intro. paragraph ... (a) Except as provided by this section, the settlor by provision in an instrument creating, modifying, amending, or revoking the trust may relieve the trustee ... The trustee shall keep the beneficiaries of the trust reasonably informed concerning: (1) the administration of the trust; and (2) the material facts necessary for ... (a) A trustee may resign in accordance with the terms of the trust instrument, or a trustee may petition a court for permission to resign ... (a) A trustee may be removed in accordance with the terms of the trust instrument, or, on the petition of an interested person and after ... (a) On the death, resignation, incapacity, or removal of a sole or surviving trustee, a successor trustee shall be selected according to the method, if ... Unless otherwise provided in the trust instrument or by order of the court appointing a successor trustee, the successor trustee has the rights, powers, authority, ... (a) Cotrustees that are unable to reach a unanimous decision may act by majority decision. (b) If a vacancy occurs in a cotrusteeship, the remaining ... (a) A beneficiary by written demand may request the trustee to deliver to each beneficiary of the trust a written statement of accounts covering all ... A written statement of accounts shall show: (1) all trust property that has come to the trustee's knowledge or into the trustee's possession and that ... Text of subsec. (a) effective until January 1, 2006 (a) A bank or trust company qualified to act as a fiduciary in this state ... A bank or trust company that is a member of an affiliated group under Section 1504, Internal Revenue Code of 1954 (26 U.S.C. 1504), with ... Last modified: August 11, 2007 |