Texas § IN.887.353 - DIVISION OF FUNDS
Full text of Texas The Texas Constitution § IN.887.353 — DIVISION OF FUNDS, with citation guidance and answers to common questions.
§ IN.887.353. DIVISION OF FUNDS
DIVISION OF FUNDS: CERTAIN LIFE INSURANCE CERTIFICATES. (a) This section applies to a life insurance certificate insuring the life of one or more individuals issued: (1) after December 31, 1965; or (2) before December 31, 1965, and on which the assessment rate has been increased based on an age other than age on the date the certificate was issued. (b) To the extent consistent with this subchapter, an association shall divide collected assessments into at least two funds. (c) An association shall deposit in a mortuary fund a portion of the association's assessments at least equal to the renewal net premium computed at the age of issue or some other advanced age in accordance with the reserve standard adopted by the association. The association may pay from the mortuary fund only: (1) fund claims under insurance certificates; (2) dividends to certificate holders as provided by Section 887.064 ; and (3) any other expenditures permitted by law. (d) An association shall deposit in an expense fund the remaining portion of the assessments not deposited under Subsection (c). The association may pay expenses from the expense fund. (e) This section does not apply to an association operating on an assessment-as-needed basis. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § IN.887.353
What does The Texas Constitution § IN.887.353 cover?
Section IN.887.353 ("DIVISION OF FUNDS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § IN.887.353?
A common citation format is "The Texas Constitution § IN.887.353" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § IN.887.353 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.