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Texas Statutes (Last Updated: January 4, 2014) |
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PROBATE CODE |
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Chapter XIII. GUARDIANSHIP |
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Part 4. ADMINISTRATION OF GUARDIANSHIP |
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Subpart B. ANNUAL ACCOUNTS, REPORTS, AND OTHER EXHIBITS |
Sec. 742. ACTION ON ANNUAL ACCOUNTS
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(a) The rules in this section govern the handling of annual accounts.
(b) Annual accounts shall be filed with the county clerk, and the filing of the accounts shall be noted on the judge's docket.
(c) Before being considered by the judge, the account must remain on file for 10 days.
(d) After the expiration of 10 days after the filing of an annual account, the judge shall consider the annual account, and may continue the hearing on the account until the judge is fully advised as to all items of the account.
(e) An accounting may not be approved unless possession of cash, listed securities, or other assets held in safekeeping or on deposit under court order has been proved as required by law.
(f) If an account is found to be incorrect, it shall be corrected. When corrected to the satisfaction of the court, the account shall be approved by a court order, and the court shall act with respect to unpaid claims, as follows:
(1) if it appears from the exhibit, or from other evidence, that the estate is wholly solvent, and that the guardian has sufficient funds for the payment of every claim against the estate, the court shall order immediate payment made of all claims allowed and approved or established by judgment; and
(2) if it appears from the account, or from other evidence, that the funds on hand are not sufficient for the payment of all the claims, or if the estate is insolvent and the guardian has any funds on hand, the court shall order the funds to be applied to the payment of all claims having a preference in the order of their priority if any claim is still unpaid, and then to the payment pro rata of the other claims allowed and approved or established by final judgment, taking into consideration also the claims that were presented not later than 12 months after the date of the granting of letters of guardianship and those claims that are in suit or on which suit may yet be instituted.