Texas Estates Code 1161.008 – Liability of Guardian and Guardian’s Surety
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(a) In addition to any other remedy authorized by law, if the guardian of the estate fails to invest or lend estate assets in the manner provided by this chapter, the guardian and the guardian’s surety are liable for the principal and the greater of:
(1) the highest legal rate of interest on the principal during the period the guardian failed to invest or lend the assets; or
(2) the overall return that would have been made on the principal if the principal were invested in the manner provided by this chapter.
(b) In addition to the liability under Subsection (a), the guardian and the guardian’s surety are liable for attorney’s fees, litigation expenses, and costs related to a proceeding brought to enforce this section.
Terms Used In Texas Estates Code 1161.008
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Surety: includes a personal surety and a corporate surety. See Texas Estates Code 22.032