Texas Estates Code 1105.157 – Deposits of Guardian
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(a) Instead of giving a surety or sureties on a bond, or to reduce the amount of a bond, the guardian of an estate may deposit the guardian’s own cash or securities acceptable to the court with a financial institution as defined by § 201.101, Finance Code, that has its main office or a branch office in this state.
(b) If the deposit is otherwise proper, the deposit must be in an amount or value equal to the amount of the bond required or the bond shall be reduced by the value of assets that are deposited.
Terms Used In Texas Estates Code 1105.157
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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 - Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Judge: means the presiding judge of any court having original jurisdiction over probate proceedings, regardless of whether the court is:
(1) a county court in the exercise of its probate jurisdiction;
(2) a court created by statute and authorized to exercise probate jurisdiction; or
(3) a district court exercising probate jurisdiction in a contested matter. See Texas Estates Code 22.019 - 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.
- Surety: includes a personal surety and a corporate surety. See Texas Estates Code 22.032
(c) A depository that receives a deposit made under Subsection (a) shall issue a receipt for the deposit that:
(1) shows the amount of cash deposited or the amount and description of the securities deposited, as applicable; and
(2) states that the depository agrees to disburse or deliver the cash or securities only on receipt of a certified copy of an order of the court in which the proceeding is pending.
(d) A receipt issued by a depository under Subsection (c) must be attached to the guardian’s bond and be delivered to and filed by the county clerk after the receipt is approved by the judge.
(e) The amount of cash or securities on deposit may be increased or decreased, by court order from time to time, as the interests of the guardianship require.
(f) A deposit of cash or securities made instead of a surety on the bond may be withdrawn or released only on order of a court that has jurisdiction.
(g) A creditor has the same rights against a guardian of the estate and the deposits as are provided for recovery against sureties on a bond.