reglab/housing_qa huggingface dataset:
TX Prop § 141.013 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 141 - Transfers to Minors|Section 141.013. Care of Custodial Property

Sec. 141.013.  CARE OF CUSTODIAL PROPERTY.  (a)  A custodian shall:(1)  take control of custodial property;(2)  register or record title to custodial property if appropriate;  and(3)  collect, hold, manage, sell, convey, invest, and reinvest custodial property.(b)  In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries.  If a custodian has a special skill or expertise, the custodian shall use that skill or expertise.  However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor.(c)  A custodian may invest in or pay premiums on life insurance or endowment policies on the life of:(1)  the minor only if the minor or the minor's estate is the sole beneficiary;  or(2)  another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of the custodian is the irrevocable beneficiary.(d)  A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor.  Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed.  Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is registered, or held in an account designated, in the name of the custodian followed in substance by the words:  "as custodian for ____________________ (name of minor) under the Texas Uniform Transfers to Minors Act."(e)  A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make the records available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor is at least 14 years of age.|Amended by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995.  Renumbered from Property Code Sec. 13 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.|
TX Prop § 141.014 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 141 - Transfers to Minors|Section 141.014. Powers of Custodian

Sec. 141.014.  POWERS OF CUSTODIAN.  (a)  A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only.(b)  This section does not relieve a custodian from liability for breach of Section 141.013.|Amended by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995.  Renumbered from Property Code Sec. 14 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.|
TX Prop § 141.015 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 141 - Transfers to Minors|Section 141.015. Use of Custodial Property

Sec. 141.015.  USE OF CUSTODIAL PROPERTY.  (a)  A custodian may deliver or pay to the minor or expend for the minor's benefit as much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to:(1)  the duty or ability of the custodian personally or of any other person to support the minor;  or(2)  any other income or property of the minor that may be applicable or available for that purpose.(b)  On petition of an interested person or the minor if the minor is at least 14 years of age, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit as much of the custodial property as the court considers advisable for the use and benefit of the minor.(b-1)  A custodian may, without a court order, transfer all or part of the custodial property to a qualified minor's trust.  A transfer of property under this subsection terminates the custodianship to the extent of the property transferred.(c)  A delivery, payment, or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor.|Added by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995.  Renumbered from Property Code Sec. 15 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.Amended by: Acts 2007, 80th Leg., R.S., Ch. 451 (H.B. 564), Sec. 19, eff. September 1, 2007.|
TX Prop § 141.016 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 141 - Transfers to Minors|Section 141.016. Custodian's Expenses, Compensation, and Bond

Sec. 141.016.  CUSTODIAN'S EXPENSES, COMPENSATION, AND BOND.  (a)  A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties.(b)  Except for one who is a transferor under Section 141.005, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed by the custodian during that year.(c)  Except as provided by Section 141.019(f), a custodian is not required to give a bond.|Added by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995.  Renumbered from Property Code Sec. 16 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.|
TX Prop § 141.017 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 141 - Transfers to Minors|Section 141.017. Exemption of Third Person From Liability

Sec. 141.017.  EXEMPTION OF THIRD PERSON FROM LIABILITY.  A third person, in good faith and without court order, may act on the instructions of or otherwise deal with any person purporting to make a transfer or act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining the:(1)  validity of the purported custodian's designation;(2)  propriety of, or the authority under this chapter for, any act of the purported custodian;(3)  validity or propriety under this chapter of any instrument or instructions executed or given by the person purporting to make a transfer or by the purported custodian;  or(4)  propriety of the application of the minor's property delivered to the purported custodian.|Added by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995.  Renumbered from Property Code Sec. 17 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.|
TX Prop § 141.018 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 141 - Transfers to Minors|Section 141.018. Liability to Third Person

Sec. 141.018.  LIABILITY TO THIRD PERSON.  (a)  A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship may be asserted against the custodial property by proceeding against the custodian in the custodian's custodial capacity, whether or not the custodian or the minor is personally liable for the claim.(b)  A custodian is not personally liable:(1)  on a contract properly entered into in the custodian's custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract;  or(2)  for an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.(c)  A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.|Added by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995.  Renumbered from Property Code Sec. 18 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.|
TX Prop § 141.020 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 141 - Transfers to Minors|Section 141.020. Accounting by and Determination of Liability

Sec. 141.020.  ACCOUNTING BY AND DETERMINATION OF LIABILITY.  (a)  A minor who is at least 14 years of age, the minor's guardian of the person or legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court for:(1)  an accounting by the custodian or the custodian's legal representative;  or(2)  a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under Section 141.018 to which the minor or the minor's legal representative was a party.(b)  A successor custodian may petition the court for an accounting by the predecessor custodian.(c)  The court, in a proceeding under this chapter or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.(d)  If a custodian is removed under Section 141.019(f), the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.|Added by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995.  Renumbered from Property Code Sec. 20 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.|
TX Prop § 141.021 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 141 - Transfers to Minors|Section 141.021. Termination of Custodianship

Sec. 141.021.  TERMINATION OF CUSTODIANSHIP.  The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate on the earlier of the date:(1)  the minor attains 21 years of age, with respect to custodial property transferred under Section 141.005 or 141.006;(2)  the minor attains the age of majority under the laws of this state other than this chapter, with respect to custodial property transferred under Section 141.007 or 141.008;  or(3)  the minor's death.|Added by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995.  Renumbered from Property Code Sec. 21 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.|
TX Prop § 141.022 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 141 - Transfers to Minors|Section 141.022. Applicability

Sec. 141.022.  APPLICABILITY.  Except as provided by Section 141.025, this chapter applies to a transfer within the scope of Section 141.003 made after September 1, 1995, if:(1)  the transfer purports to have been made under the Texas Uniform Gifts to Minors Act;  or(2)  the instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state, and the application of this chapter is necessary to validate the transfer.|Added by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995.  Amended by Acts 1997, 75th Leg., ch. 221, Sec. 1, eff. Sept. 1, 1997.  Renumbered from Property Code Sec. 22 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.|
TX Prop § 141.023 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 141 - Transfers to Minors|Section 141.023. Effect on Existing Custodianships

Sec. 141.023.  EFFECT ON EXISTING CUSTODIANSHIPS.  (a)  Any transfer of custodial property under this chapter made before September 1, 1995, is validated notwithstanding that there was no specific authority in this chapter for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.(b)  Sections 141.002 and 141.021, with respect to the age of a minor for whom custodial property is held under this chapter, do not apply to custodial property held in a custodianship that terminated because the minor attained the age of 18 after August 26, 1973, and before September 1, 1995.|Added by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995.  Renumbered from Property Code Sec. 23 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.|
TX Prop § 141.024 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 141 - Transfers to Minors|Section 141.024. Uniformity of Application and Construction

Sec. 141.024.  UNIFORMITY OF APPLICATION AND CONSTRUCTION.  This chapter shall be applied and construed to effect its general purpose, to make uniform the law with respect to the subject of this chapter among states enacting that law.|Added by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995.  Renumbered from Property Code Sec. 24 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.|
TX Prop § 141.025 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 141 - Transfers to Minors|Section 141.025. Additional Transfers to Custodianships in Existence Before Effective Date of Act

Sec. 141.025.  ADDITIONAL TRANSFERS TO CUSTODIANSHIPS IN EXISTENCE BEFORE EFFECTIVE DATE OF ACT.  (a)  This section applies only to a transfer within the scope of Section 141.003 made after September 1, 1995, to a custodian of a custodianship established before September 1, 1995, under the Texas Uniform Gifts to Minors Act.(b)  This chapter does not prevent a person from making additional transfers to a custodianship described by Subsection (a).  On the direction of the transferor or custodian, custodial property that is transferred to the custodianship shall be commingled with the custodial property of the custodianship established under the Texas Uniform Gifts to Minors Act.  The additional transfers to the custodianship shall be administered and distributed on termination of the custodianship, as prescribed by this chapter, except that for purposes of Section 141.021, the custodian shall transfer the custodial property to:(1)  the beneficiary on the date the beneficiary attains 18 years of age or an earlier date as prescribed by Section 141.021;  or(2)  the beneficiary's estate if the individual dies before the date prescribed by Subdivision (1).|Added by Acts 1997, 75th Leg., ch. 221, Sec. 2, eff. Sept. 1, 1997.  Amended by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.  Renumbered from Property Code Sec. 25 by Acts 1999, 76th Leg., ch. 62, Sec. 19.01(91), eff. Sept. 1, 1999.|
TX Prop § 142.001 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 142 - Management of Property Recovered in Suit by a Next Friend or Guardian Ad Litem|Section 142.001. Management by Decree

Sec. 142.001.  MANAGEMENT BY DECREE.  (a)  In a suit in which a minor or incapacitated person who has no legal guardian is represented by a next friend or an appointed guardian ad litem, the court, on application and hearing, may provide by decree for the investment of funds accruing to the minor or other person under the judgment in the suit.(b)  If the decree is made during vacation, it must be recorded in the minutes of the succeeding term of the court.|Acts 1983, 68th Leg., p. 3711, ch. 576, Sec. 1, eff. Jan. 1, 1984.  Amended by Acts 1984, 68th Leg., 2nd C.S., ch. 18, Sec. 14(b), eff. Oct. 2, 1984;  Acts 1999, 76th Leg., ch. 195, Sec. 2, eff. Sept. 1, 1999.|
TX Prop § 142.002 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 142 - Management of Property Recovered in Suit by a Next Friend or Guardian Ad Litem|Section 142.002. Management by Bonded Manager

Sec. 142.002.  MANAGEMENT BY BONDED MANAGER.  (a)  In a suit in which a minor or incapacitated person who has no legal guardian is represented by a next friend or an appointed guardian ad litem, the court in which a judgment is rendered may by an order entered of record authorize the next friend, the guardian ad litem, or another person to take possession of money or other personal property recovered under the judgment for the minor or other person represented.(b)  The next friend, guardian ad litem, or other person may not take possession of the property until the person has executed a bond as principal that:(1)  is in an amount at least double the value of the property or, if a surety on the bond is a solvent surety company authorized under the law of this state to execute the bond, is in an amount at least equal to the value of the property;(2)  is payable to the county judge;  and(3)  is conditioned on the obligation of the next friend, guardian ad litem, or other person to use the property under the direction of the court for the benefit of its owner and to return the property, with interest or other increase, to the person entitled to receive the property when ordered by the court to do so.|Acts 1983, 68th Leg., p. 3711, ch. 576, Sec. 1, eff. Jan. 1, 1984.  Amended by Acts 1984, 68th Leg., 2nd C.S., ch. 18, Sec. 14(c), eff. Oct. 2, 1984;  Acts 1999, 76th Leg., ch. 195, Sec. 3, eff. Sept. 1, 1999.|
TX Prop § 142.003 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 142 - Management of Property Recovered in Suit by a Next Friend or Guardian Ad Litem|Section 142.003. Compensation and Duties of Managers

Sec. 142.003.  COMPENSATION AND DUTIES OF MANAGERS.  (a)  A person who manages property under Section 142.001 or 142.002 is entitled to receive compensation as allowed by the court.(b)  The person shall make dispositions of the property as ordered by the court and shall return the property into court on the order of the court.|Acts 1983, 68th Leg., p. 3711, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 142.006 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 142 - Management of Property Recovered in Suit by a Next Friend or Guardian Ad Litem|Section 142.006. Claims Against Property

Sec. 142.006.  CLAIMS AGAINST PROPERTY.  If any person claims an interest in property subject to management under this chapter, the court having authority over the property may hear evidence on the interest and may order the claim or the portion of the claim found to be just to be paid to the person entitled to receive it.|Acts 1983, 68th Leg., p. 3714, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 142.007 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 142 - Management of Property Recovered in Suit by a Next Friend or Guardian Ad Litem|Section 142.007. Incapacitated Person

Sec. 142.007.  INCAPACITATED PERSON.  For the purposes of this chapter, "incapacitated person" means a person who is impaired because of mental illness, mental deficiency, physical illness or disability, advanced age, chronic use of drugs, chronic intoxication, or any other cause except status as a minor to the extent that the person lacks sufficient understanding or capacity to make or communicate responsible decisions concerning his person.|Added by Acts 1984, 68th Leg., 2nd C.S., ch. 18, Sec. 14(g), eff. Oct. 2, 1984.|
TX Prop § 142.008 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 142 - Management of Property Recovered in Suit by a Next Friend or Guardian Ad Litem|Section 142.008. Structured Settlement

Sec. 142.008.  STRUCTURED SETTLEMENT.  (a)  In a suit in which a minor or incapacitated person who has no legal guardian is represented by a next friend or an appointed guardian ad litem, the court, on a motion from the parties, may provide for a structured settlement that:(1)  provides for periodic payments;  and(2)  is funded by:(A)  an obligation guaranteed by the United States government;  or(B)  an annuity contract that meets the requirements of Section 142.009.(b)  The person obligated to fund a structured settlement shall provide to the court:(1)  a copy of the instrument that provides funding for the structured settlement;  or(2)  an affidavit from an independent financial consultant that specifies the present value of the structured settlement and the method by which the value is calculated.(c)  A structured settlement provided for under this section is solely for the benefit of the beneficiary of the structured settlement and is not subject to the interest payment calculations contained in Section 117.054, Local Government Code.|Added by Acts 1999, 76th Leg., ch. 195, Sec. 5, eff. Sept. 1, 1999.|
TX Prop § 142.009 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle A - Persons Under Disability|Chapter 142 - Management of Property Recovered in Suit by a Next Friend or Guardian Ad Litem|Section 142.009. Annuity Contract Requirements for Structured Settlement

Sec. 142.009.  ANNUITY CONTRACT REQUIREMENTS FOR STRUCTURED SETTLEMENT.  (a)  An insurance company providing an annuity contract for a structured settlement as provided by Section 142.008 must:(1)  be licensed to write annuity contracts in this state;(2)  have a minimum of $1 million of capital and surplus; and(3)  be approved by the court and comply with any requirements imposed by the court to ensure funding to satisfy periodic settlement payments.(b)  In approving an insurance company under Subsection (a)(3), the court may consider whether the company:(1)  holds an issuer credit rating equivalent to a National Association of Insurance Commissioners NAIC 1 designation from a national or international rating agency that:(A)  has registered with the Securities and Exchange Commission;(B)  is designated as a nationally recognized statistical rating organization; and(C)  is on the list of Credit Rating Providers by the Securities Valuation Office of the National Association of Insurance Commissioners;(2)  is an affiliate, as that term is described by Section 823.003, Insurance Code, of a liability insurance carrier involved in the suit for which the structured settlement is created; or(3)  is connected in any way to a person obligated to fund the structured settlement.|Added by Acts 1999, 76th Leg., ch. 195, Sec. 5, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 96, Sec. 2, eff. Sept. 1, 2001;  Acts 2003, 78th Leg., ch. 1276, Sec. 10A.551, eff. Sept. 1, 2003.Amended by: Acts 2019, 86th Leg., R.S., Ch. 912 (H.B. 3771), Sec. 1, eff. June 10, 2019.|