Texas Property Code 143.004 – Establishment of Subaccount
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Terms Used In Texas Property Code 143.004
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
If the court finds that it is in the best interests of a person who is the subject of an application under Section 143.002, the court may order:
(1) the establishment of a subaccount of which the person is the beneficiary; and
(2) the transfer to the subaccount of any of the person’s property on hand or accruing to the person.