H.B. No. 1316

GUARDIANSHIP INVESTMENTS IN TOMORROW FUND

Effective Date: September 1, 1997

AN ACT

relating to the investment of assets by the guardian of an estate.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1.  Section 856(a), Texas Probate Code, is amended to read as follows:

(a)  If a guardian of an estate deems it is in the best interests of the ward the guardian is appointed to represent to invest on behalf of the ward in the Texas Tomorrow Fund established by Subchapter F, Chapter 54, Education Code, or to invest in or sell any property or security in which a trustee is authorized to invest by either Section 113.056 or Subchapter F, Chapter 113, of the Texas Trust Code (Subtitle B, Title 9, Property Code), and the investment or sale is not expressly permitted by other sections of this chapter, the guardian may file a written application in the court in which the guardianship is pending that asks for an order authorizing the guardian to make the desired investment or sale and states the reason why the guardian is of the opinion that the investment or sale would be beneficial to the ward. A citation or notice is not necessary under this subsection unless ordered by the court.

SECTION 2.  A court may modify any guardianship in effect on September 1, 1997, to conform to the requirements of the Texas Probate Code, as amended by this Act, on the court's own motion or on application by the guardian or any other interested person or entity.

SECTION 3.  This Act takes effect September 1, 1997. Except as provided by Section 2 of this Act, the change in law made by this Act applies only to a person appointed by a court to serve as guardian on or after the effective date of this Act. A person appointed by a court to serve as guardian before the effective date of this Act is governed by the law in effect on the date of the person's appointment, and that law continues in effect for that purpose.

SECTION 4.  The importance of this legislation and the crowded condition of the calendars in both houses create an emergency and an imperative public necessity that the constitutional rule requiring bills to be read on three several days in each house be suspended, and this rule is hereby suspended.


Link to:


Copyright © 1997 by Glenn M. Karisch. This page was last revised on June 23, 1997.