Sec. 113.056. AUTHORIZATION TO MAKE CERTAIN INVESTMENTS. (a) Unless the terms of the trust instrument provide otherwise, and subject to the investment standards provided by this subtitle and any investment standards provided by the trust instrument, the trustee may invest all or part of the trust assets in an investment vehicle authorized for the collective investment of trust funds pursuant to Part 9, Title 12, of the Code of Federal Regulations.
(d) Subject to any investment standards provided by this chapter, Chapter 117, or the trust instrument, whenever the instrument directs, requires, authorizes, or permits investment in obligations of the United States government, the trustee may invest in and hold such obligations either directly or in the form of interests in an open-end management type investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. 80a-1 et seq., or in an investment vehicle authorized for the collective investment of trust funds pursuant to Part 9, Title 12 of the Code of Federal Regulations, so long as the portfolio of such investment company, investment trust, or collective investment vehicle is limited to such obligations and to repurchase agreements fully collateralized by such obligations.
Added by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, Sec. 2, eff. Jan. 1, 1984. Amended by Acts 1985, 69th Leg., ch. 341, Sec. 1, eff. June 10, 1985; Acts 1991, 72nd Leg., ch. 876, Sec. 1, eff. June 16, 1991; Acts 2003, 78th Leg., ch. 1103, Sec. 6, 7, eff. Jan. 1, 2004.
Notes of Decisions
Hedley Feedlot, Inc. v. Weatherly Trust, 855 S.W.2d 826 (Tex. App. 1993).
· cites it 2× “a trustee shall exercise the judgment and care under the circumstances then prevailing that persons of ordinary prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of…”
Barrientos v. Nava, 94 S.W.3d 270 (Tex. App. 2002).
“Tex. PROp.Code ANN. § 113.056(a). There is an implied duty to invest non-income producing assets held in trust when there is a direction by the grantor to pay over the interest or income to a beneficiary, Moore v.”
Neuhaus v. Richards, 846 S.W.2d 70 (Tex. App. 1993).
“1988); Tex.Prop.Code Ann. § 113.110 (Vernon Supp.”
in Re Daniel W. Warren, Beneficiary of the Daniel Steven Weiner 1996 Trust (Tex. App. 2015).
· cites it 2× “However, the Trust Agreement does not waive the trustee’s duty to exercise judgment or the duty not to speculate with Trust assets under Texas Property Code § 113.056, which applied prior to January 1, 2004, as follows: Unless the terms of the trust instrument provide otherwise,…”
— Tex. Prop. Code § 113.056(a) — 3 cases
Barrientos v. Nava, 94 S.W.3d 270 (Tex. App. 2002).
“Tex. PROp.Code ANN. § 113.056(a). There is an implied duty to invest non-income producing assets held in trust when there is a direction by the grantor to pay over the interest or income to a beneficiary, Moore v.”
Hedley Feedlot, Inc. v. Weatherly Trust, 855 S.W.2d 826 (Tex. App. 1993).
“a trustee shall exercise the judgment and care under the circumstances then prevailing that persons of ordinary prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of…”
— Tex. Prop. Code § 113.056(b) — 1 case
Hedley Feedlot, Inc. v. Weatherly Trust, 855 S.W.2d 826 (Tex. App. 1993).
“a trustee shall exercise the judgment and care under the circumstances then prevailing that persons of ordinary prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of…”
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