Texas Estates Code 1158.405 – Failure of Bidder to Comply
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(a) If a person who successfully bids on real estate of the guardianship estate offered at public auction fails to comply with the terms of the bid, the property shall be readvertised and auctioned without any further order.
(b) The person defaulting on a bid as described by Subsection (a) is liable for payment to the guardian of the estate, for the estate’s benefit, of:
(1) 10 percent of the amount of the bid; and
(2) the amount of any deficiency in price on the second auction.
Terms Used In Texas Estates Code 1158.405
- 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.
- 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.
- Person: includes a natural person and a corporation. See Texas Estates Code 22.027
- Property: means real and personal property. See Texas Government Code 311.005
(c) The guardian shall recover the amounts under Subsection (b) by suit in any court in the county in which the auction was held that has jurisdiction over the amount claimed.