Texas § ES.305.154 - AGREEMENT REGARDING DEPOSIT OF ESTATE ASSETS

§ ES.305.154. AGREEMENT REGARDING DEPOSIT OF ESTATE ASSETS

AGREEMENT REGARDING DEPOSIT OF ESTATE ASSETS. (a) A personal representative may agree with the surety or sureties on a bond, either corporate or personal, for the deposit of any cash and other estate assets in a depository described by Subsection (c), if the deposit is otherwise proper, in a manner that prevents the withdrawal of the cash or other assets without: (1) the written consent of the surety or sureties; or (2) a court order entered after notice to the surety or sureties as directed by the court. (b) The court may require the action described by Subsection (a) if the court considers that action to be in the best interest of the estate. (c) Cash and assets must be deposited under this section in a financial institution, as defined by Section 201.101 , Finance Code, that: (1) has its main office or a branch office in this state; and (2) is qualified to act as a depository in this state under the laws of this state or the United States. (d) An agreement under this section may not release the principal or sureties from liability, or change the liability of the principal or sureties, as established by the terms of the bond. Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502 ), Sec. 1, eff. January 1, 2014.