113.058 – BOND. (a) A corporate trustee is not required
Texas Property Code § 113.058
Summary
This law specifies that corporate trustees do not need to provide a bond for their duties, while non-corporate trustees must unless stated otherwise in the trust document. This affects trustees and beneficiaries by outlining the bonding requirements based on the type of trustee.
Corporate trustees are exempt from bond requirements.
Non-corporate trustees must provide a bond unless specified otherwise.
The bond ensures faithful performance of the trustee's duties.
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In simple terms: Learn about Texas's BOND. (a) A corporate trustee is not required law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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