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Texas Finance Code - FIN § 154.256. Standard of Duty of Trustee

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

A trustee described by Section 154.253(a)(2) shall be held to the standard of duty of a trustee under the Texas Trust Code (Subtitle B, Title 9, Property Code),  1 provided that the provisions of the Texas Trust Code may not be expanded, restricted, eliminated, or otherwise altered by the provisions of the trust instrument in a manner that is inconsistent with the purposes, terms, distribution requirements, and other circumstances of a trust established under this chapter.  In administering assets held in a prepaid funeral benefits trust, a trustee shall consider the trust beneficiaries to include the following two classes of persons to the extent of any beneficial interest:

(1) funeral providers or other persons entitled to payment after delivering a contracted funeral for which funds have been deposited in trust;  and

(2) purchasers of or beneficiaries designated in prepaid funeral benefits contracts for which funds have been deposited in trust who:

(A) are entitled to receive a contracted funeral;  or

(B) have the right to cancel a contract under Section 154.155 if not waived under Section 154.156.

1  V.T.C.A., Property Code § 111.001 et seq.
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Cite this article: FindLaw.com - Texas Finance Code - FIN § 154.256. Standard of Duty of Trustee - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-154-256/

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