Texas Estates Code 1352.053 – Application; Venue
(a) A parent or managing conservator shall apply to the court under oath for the authority to encumber the residence homestead as provided by this subchapter.
(b) The application must contain:
(1) the minor‘s name and address;
(2) a legal description of the property constituting the homestead;
(3) a description of the minor’s ownership interest in the property constituting the homestead;
(4) the fair market value of the property constituting the homestead;
(5) the amount of the home equity loan;
(6) the purpose or purposes for which the home equity loan is being sought;
(7) a detailed description of the proposed expenditure of the loan proceeds to be received by the parent or managing conservator on the minor’s behalf; and
(8) a statement that all loan proceeds received by the parent or managing conservator on the minor’s behalf through a home equity loan authorized under this subchapter shall be used in a manner that is for the minor’s benefit.
Terms Used In Texas Estates Code 1352.053
- 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 - Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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.
- Minor: means a person younger than 18 years of age who:
(1) has never been married; and
(2) has not had the disabilities of minority removed for general purposes. See Texas Estates Code 22.022 - Property: means real and personal property. See Texas Government Code 311.005
- Venue: The geographical location in which a case is tried.
(c) Venue for the application is the same as venue for an application for the appointment of a guardian for a minor.