Texas Property Code Title 9, Chapter 113 - Administration
SUBCHAPTER A POWERS OF TRUSTEE
- Texas Section 113.001 - Limitation Of Powers
A power given to a trustee by this subchapter does not apply to a trust to the extent that the instrument creating the trust, a...
- Texas Section 113.002 - General Powers
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...
- Texas Section 113.003 - Options
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...
- Texas Section 113.004 - Additions To Trust Assets
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....
- Texas Section 113.005 - Acquisition Of Undivided Interests
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...
- Texas Section 113.006 - General Authority To Manage And Invest Trust Property
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...
- Texas Section 113.007 - Temporary Deposits Of Funds
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...
- Texas Section 113.008 - Business Entities
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,...
- Texas Section 113.009 - Real Property Management
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...
- Texas Section 113.010 - Sale Of Property
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...
- Texas Section 113.011 - Leases
(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...
- Texas Section 113.012 - Minerals
(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...
- Texas Section 113.013 - Insurance
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.,...
- Texas Section 113.014 - Payment Of Taxes
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...
- Texas Section 113.015 - Authority To Borrow
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...
- Texas Section 113.016 - Management Of Securities
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...
- Texas Section 113.017 - Corporate Stock Or Other Securities Held In Name Of Nominee
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,...
- Texas Section 113.018 - Employment Of Agents
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,...
- Texas Section 113.019 - Claims
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....
- Texas Section 113.020 - Burdensome Or Worthless Property
A trustee may abandon property the trustee considers burdensome or worthless. Added by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, Sec. 2,...
- Texas Section 113.021 - Distribution To Minor Or Incapacitated Beneficiary
(a) A trustee may make a distribution required or permitted to be made to any beneficiary in any of the following ways when the beneficiary...
- Texas Section 113.0211 - Adjustment Of Charitable Trust
(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...
- Texas Section 113.022 - Power To Provide Residence And Pay Funeral Expenses
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...
- Texas Section 113.023 - Ancillary Trustee
(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...
- Texas Section 113.024 - Implied Powers
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...
- Texas Section 113.025 - Powers Of Trustee Regarding Environmental Laws
(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...
- Texas Section 113.026 - Authority To Designate New Charitable Beneficiary
(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...
- Texas Section 113.027 - Distributions Generally
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...
- Texas Section 113.028 - Certain Claims And Causes Of Action Prohibited
(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...
- Texas Section 113.029 - Discretionary Powers; Tax Savings
(a) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of terms such as "absolute," "sole,"...
SUBCHAPTER B DUTIES OF TRUSTEE
- Texas Section 113.030 - Relocation Of Administration Of Charitable Trust
(a) In this section: (1) "Charitable entity" has the meaning assigned by Section 123.001. (2) "Charitable trust" means a trust: (A) the stated purpose of...
- Texas Section 113.051 - General Duty
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...
- Texas Section 113.052 - Loan Of Trust Funds To Trustee
(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)...
- Texas Section 113.053 - Purchase Or Sale Of Trust Property By Trustee
(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...
- Texas Section 113.054 - Sales From One Trust To Another
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,...
- Texas Section 113.055 - Purchase Of Trustee's Securities
(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...
- Texas Section 113.056 - Authorization To Make Certain Investments
(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...
- Texas Section 113.057 - Deposits By Corporate Trustee With Itself
(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...
SUBCHAPTER C RESIGNATION OR REMOVAL OF TRUSTEE, AND AUTHORITY OF MULTIPLE AND SUCCESSOR TRUSTEES
- Texas Section 113.058 - Bond
(a) A corporate trustee is not required to provide a bond to secure performance of its duties as trustee. (b) Unless the instrument creating the...
- Texas Section 113.081 - Resignation Of Trustee
(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...
- Texas Section 113.082 - Removal Of Trustee
(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...
- Texas Section 113.083 - Appointment Of Successor Trustee
(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...
- Texas Section 113.084 - Powers Of Successor Trustee
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,...
SUBCHAPTER E ACCOUNTING BY TRUSTEE
- Texas Section 113.085 - Exercise Of Powers By Multiple Trustees
(a) Cotrustees may act by majority decision. (b) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (c) A...
- Texas Section 113.151 - Demand For Accounting
(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...
SUBCHAPTER F COMMON TRUST FUNDS
- Texas Section 113.152 - Contents Of Accounting
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...
- Texas Section 113.171 - Common Trust Funds
(a) A bank or trust company qualified to act as a fiduciary in this state may establish common trust funds to provide investments to itself...
- Texas Section 113.172 - Affiliated Institutions
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: September 28, 2016