Texas Health and Safety Code 712.030 – Use of Gift for Special Care of Plot in Perpetual Care Cemetery
(a) A trustee may take and hold property transferred to the trustee in trust in order to apply the principal, proceeds, or income of the property for any purpose consistent with the terms of the trust and the purpose of a corporation‘s perpetual care cemetery, including:
(1) the improvement or embellishment of any part of the perpetual care cemetery;
(2) the erection, renewal, repair, or preservation of a monument, fence, building, or other structure in the perpetual care cemetery;
(3) planting or cultivating plants in or around the perpetual care cemetery; or
(4) taking special care of or embellishing a plot, section, or building in the perpetual care cemetery.
(b) Except as provided by this subsection, the assets of a trust established under this section are not considered assets of the fund. If a gift in trust is specifically intended to serve the same general purpose as the fund, the trust may be merged with the fund.
Terms Used In Texas Health and Safety Code 712.030
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: means real and personal property. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.