Texas § ES.1105.157 - DEPOSITS OF GUARDIAN

§ ES.1105.157. DEPOSITS OF GUARDIAN

DEPOSITS OF GUARDIAN. (a) Instead of giving a surety or sureties on a bond, or to reduce the amount of a bond, the guardian of an estate may deposit the guardian's own cash or securities acceptable to the court with: (1) a financial institution as defined by Section 201.101 , Finance Code, that has its main office or a branch office in this state; or (2) the registry of the court, for which the clerk of the court shall issue a receipt. (b) If the deposit is otherwise proper, the deposit must be in an amount or value equal to the amount of the bond required or the bond shall be reduced by the value of assets that are deposited. (c) A depository that receives a deposit made under Subsection (a) shall issue a receipt for the deposit that: (1) shows the amount of cash deposited or the amount and description of the securities deposited, as applicable; and (2) states that the depository agrees to disburse or deliver the cash or securities only on receipt of a certified copy of an order of the court in which the proceeding is pending. (d) A receipt issued by a depository under Subsection (c) or a record of deposit to the registry of the court must be attached to the guardian's bond and must be in substantially the following form: The State of Texas County of ________ (insert name of county) Know all persons by these presents that I/we, ___________ (name of each principal), as principal, have deposited cash or securities as evidenced by the attached receipt or record of deposit issued by _____ (name of depository where cash or securities are deposited or the name of the court) on _____ (date of deposit), are held and firmly bound to the judge of ______ (insert reference to appropriate judge), and that judge's successors in office, in the sum of $______, having been so deposited; conditioned that the above bound principal or principals, appointed by the judge as guardian or temporary guardian of the person or of the estate, or both, of _________(name of ward and whether the person is a minor or is an incapacitated person other than a minor), shall well and truly perform all of the duties required of the guardian or temporary guardian by law under appointment. (d-1) The guardian's bond and depository receipt, if applicable, shall be delivered to and filed by the county clerk after the bond is approved by the judge. (e) The amount of cash or securities on deposit may be increased or decreased, by court order from time to time, as the interests of the guardianship require. (f) A deposit of cash or securities made instead of a surety on the bond may be withdrawn or released only on order of a court that has jurisdiction. (g) A creditor has the same rights against a guardian of the estate and the deposits as are provided for recovery against sureties on a bond. Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759 ), Sec. 1.02, eff. January 1, 2014. Amended by: Acts 2025, 89th Leg., R.S., Ch. 855 (S.B. 1760 ), Sec. 6, eff. September 1, 2025.