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Texas Estates Code - EST § 351.204. Fiduciary Duties of Personal Representative Regarding Business

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A personal representative who operates a business under an order entered under Section 351.202(a) has the same fiduciary duties as a representative who does not operate a business that is part of an estate.

(b) In operating a business under an order entered under Section 351.202(a), a personal representative shall consider:

(1) the condition of the estate and the business;

(2) the necessity that may exist for the future sale of the business or of business property to provide for payment of debts or claims against the estate or other lawful expenditures with respect to the estate;

(3) the effect of the order on the speedy settlement of the estate;  and

(4) the best interests of the estate.

(c) A personal representative who operates a business under an order entered under Section 351.202(a) shall report to the court with respect to the operation and condition of the business as part of the accounts required by Chapters 359 and 362, unless the court orders the reports regarding the business to be made more frequently or in a different manner or form.

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Cite this article: FindLaw.com - Texas Estates Code - EST § 351.204. Fiduciary Duties of Personal Representative Regarding Business - last updated January 01, 2024 | https://codes.findlaw.com/tx/estates-code/est-sect-351-204/

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