A trustee may borrow money from any source, including a trustee, purchase property on credit, and mortgage, pledge, or in any other manner encumber all or any part of the assets of the trust as is advisable in the judgment of the trustee for the advantageous administration of the trust.
Tex. Prop. Code § 113.015
AUTHORITY TO BORROW
Known as the Texas Trust Code
The act spans §§ 111–116 (165 sections).
Applied in 1 court decision — leading case Seals v. First National Bank of Amarillo (In Re Church & Institutional Facilities Development Corp.) (1991)
Most recently applied in Seals v. First National Bank of Amarillo (In Re Church & Institutional Facilities Development Corp.) (January 1991)
Amended by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, Sec. 2, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.