Texas Estates Code 1352.107 – Annual Accounting
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Terms Used In Texas Estates Code 1352.107
- 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 - Person: includes a natural person and a corporation. See Texas Estates Code 22.027
- Ward: means a person for whom a guardian has been appointed. See Texas Estates Code 22.033
A guardian of the person executing a home equity loan on a minor ward‘s behalf must account for the transaction, including the expenditure of the loan proceeds, in the annual account required by Subchapter A, Chapter 1163.