Texas § ES.1161.003 - INVESTMENTS THAT MEET STANDARD FOR INVESTMENT

§ ES.1161.003. INVESTMENTS THAT MEET STANDARD FOR INVESTMENT

INVESTMENTS THAT MEET STANDARD FOR INVESTMENT. A guardian of the estate is considered to have exercised the standard required by Section 1161.002 (a) with respect to investing the ward's estate if the guardian invests in the following: (1) bonds or other obligations of the United States; (2) tax-supported bonds of this state; (3) except as limited by Sections 1161.004 (b) and (c), tax-supported bonds of a county, district, political subdivision, or municipality in this state; (4) if the payment of the shares or share accounts is insured by the Federal Deposit Insurance Corporation, shares or share accounts of: (A) a state savings and loan association or savings bank that has its main office or a branch office in this state; or (B) a federal savings and loan association or savings bank that has its main office or a branch office in this state; (5) collateral bonds that: (A) are issued by a company incorporated under the laws of this state that has a paid-in capital of $1 million or more; (B) are a direct obligation of the company; and (C) are specifically secured by first mortgage real estate notes or other securities pledged with a trustee; (6) interest-bearing time deposits that may be withdrawn on or before one year after demand in a bank that does business in this state, if the payment of the time deposits is insured by the Federal Deposit Insurance Corporation; or (7) an ABLE account established in accordance with the Texas Achieving a Better Life Experience (ABLE) Program under Subchapter J , Chapter 54 , Education Code. Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759 ), Sec. 1.02, eff. January 1, 2014. Amended by: Acts 2017, 85th Leg., R.S., Ch. 938 (S.B. 1764 ), Sec. 1, eff. September 1, 2017.