Texas Estates Code 2001.201 – Fiduciary Duty and Authority
Current as of: 2024 | Check for updates
|
Other versions
(a) The legal duties imposed on a fiduciary charged with managing tangible property apply to the management of digital assets, including:
(1) the duty of care;
(2) the duty of loyalty; and
(3) the duty of confidentiality.
(b) A fiduciary’s or designated recipient’s authority with respect to a digital asset of a user:
(1) except as otherwise provided by Section 2001.051, is subject to the applicable terms of service;
(2) is subject to other applicable law, including copyright law;
(3) in the case of a fiduciary, is limited by the scope of the fiduciary’s duties; and
(4) may not be used to impersonate the user.
Terms Used In Texas Estates Code 2001.201
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- Fiduciary: A trustee, executor, or administrator.
- Fraud: Intentional deception resulting in injury to another.
- Property: means real and personal property. See Texas Government Code 311.005
- Ward: means a person for whom a guardian has been appointed. See Texas Estates Code 22.033
(c) A fiduciary with authority over the property of a decedent, ward, principal, or settlor has the right to access any digital asset in which the decedent, ward, principal, or settlor has or had a right or interest and that is not held by a custodian or subject to a terms-of-service agreement.
(d) A fiduciary acting within the scope of the fiduciary’s duties is an authorized user of the property of the decedent, ward, principal, or settlor for the purpose of applicable computer fraud and unauthorized computer access laws, including all laws of this state governing unauthorized computer access.
(e) A fiduciary with authority over the tangible personal property of a decedent, ward, principal, or settlor:
(1) has the right to access the property and any digital asset stored in it; and
(2) is an authorized user for the purpose of applicable computer fraud and unauthorized computer access laws, including all laws of this state governing unauthorized computer access.