Sec. 1355.153. DEPOSIT OF MONEY IN TRUST. (a) On receipt of money under this subchapter, an eleemosynary institution shall deposit all of the money received to the resident's trust account.
(b) Money deposited in a trust account may be used only:
(1) by or for the personal use of the owner of the trust account, under the rules or custom of the institution in the expenditure of money by a resident; or
(2) by the responsible officer of the institution, for the resident's use and benefit.
Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.
Section: Previous 1355.001 1355.002 1355.051 1355.052 1355.101 1355.102 1355.103 1355.104 1355.105 1355.151 1355.152 1355.153Last modified: September 28, 2016