Sec. 456.002. AUTHORITY TO DESIGNATE LAWYER ON CERTAIN TRUST OR ESCROW ACCOUNTS. (a) When administering the estate of a deceased lawyer who established one or more trust or escrow accounts for client funds or the funds of third persons that are in the lawyer's possession in connection with representation as required by the Texas Disciplinary Rules of Professional Conduct, the personal representative may hire through written agreement a lawyer authorized to practice in this state to:
(1) be the authorized signer on the trust or escrow account;
(2) determine who is entitled to receive the funds in the account;
(3) disburse the funds to the appropriate persons or to the decedent's estate; and
(4) close the account.
(b) If the personal representative is a lawyer authorized to practice in this state, the personal representative may state that fact and disburse the trust or escrow account funds of a deceased lawyer in accordance with Subsection (a).
(c) An agreement under Subsection (a) or a statement under Subsection (b) must be made in writing, and a copy of the agreement or statement must be delivered to each eligible institution in which the trust or escrow accounts were established.
Added by Acts 2015, 84th Leg., R.S., Ch. 949 (S.B. 995), Sec. 45, eff. September 1, 2015.
Section: Previous 456.001 456.002 456.003 456.004 NextLast modified: September 28, 2016