Sec. 1355.153. DEPOSIT OF MONEY IN TRUST

Latest version.

(a) On receipt of money under this subchapter, an eleemosynary institution shall deposit all of the money received to the resident's trust account.
(b) Money deposited in a trust account may be used only:
(1) by or for the personal use of the owner of the trust account, under the rules or custom of the institution in the expenditure of money by a resident; or
(2) by the responsible officer of the institution, for the resident's use and benefit.

Added by Acts 2011, 82nd Leg., R.S., Ch. 823 , Sec. 1.02, eff. January 1, 2014.

                    
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