Texas Property Code 161.001 – Definitions
Current as of: 2024 | Check for updates
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Terms Used In Texas Property Code 161.001
- 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.
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
In this chapter:
(1) “Fiduciary” means an executor, administrator, or trustee of an express trust, including a corporation or a natural person acting as fiduciary, and a successor or substitute, whether or not designated in a trust instrument.
(2) “Clearing corporation” has the meaning assigned by Section 8.102, Business & Commerce Code, as amended.