Texas Estates Code 305.156 – Deposits of Personal Representative
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(a) Instead of giving a surety or sureties on a bond, or to reduce the amount of a bond, a personal representative may deposit the representative’s own cash or securities acceptable to the court with a depository described by Subsection (b), if the deposit is otherwise proper.
(b) Cash or securities must be deposited under this section in:
(1) a depository described by § 305.154(c); or
(2) any other corporate depository approved by the court.
Terms Used In Texas Estates Code 305.156
- Court: means and includes:
(1) a county court in the exercise of its probate jurisdiction;
(2) a court created by statute and authorized to exercise original probate jurisdiction; and
(3) a district court exercising original probate jurisdiction in a contested matter. See Texas Estates Code 22.007 - Estate: means a decedent's property, as that property:
(1) exists originally and as the property changes in form by sale, reinvestment, or otherwise;
(2) is augmented by any accretions and other additions to the property, including any property to be distributed to the decedent's representative by the trustee of a trust that terminates on the decedent's death, and substitutions for the property; and
(3) is diminished by any decreases in or distributions from the property. See Texas Estates Code 22.012 - Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- personal representative: include :
(1) an executor and independent executor;
(2) an administrator, independent administrator, and temporary administrator; and
(3) a successor to an executor or administrator listed in Subdivision (1) or (2). See Texas Estates Code 22.031 - Surety: includes a personal surety and a corporate surety. See Texas Estates Code 22.032
(c) A deposit may be in an amount or value equal to the amount of the bond required or in a lesser amount or value, in which case the amount of the bond is reduced by the amount or value of the deposit.
(d) The amount of cash or securities on deposit may be increased or decreased, by court order from time to time, as the interest of the estate requires.
(e) A deposit of cash or securities made instead of a surety or sureties on a bond may be withdrawn or released only on order of a court having jurisdiction.
(f) A creditor has the same rights against a personal representative and deposits made under this section as are provided for recovery against sureties on a bond.