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Texas Statutes (Last Updated: January 4, 2014) |
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PROPERTY CODE |
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Title 10. MISCELLANEOUS BENEFICIAL PROPERTY INTERESTS |
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Subtitle A. PERSONS UNDER DISABILITY |
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Chapter 141. TRANSFERS TO MINORS |
Sec. 141.015. USE OF CUSTODIAL PROPERTY
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(a) A custodian may deliver or pay to the minor or expend for the minor's benefit as much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to:
(1) the duty or ability of the custodian personally or of any other person to support the minor; or
(2) any other income or property of the minor that may be applicable or available for that purpose.
(b) On petition of an interested person or the minor if the minor is at least 14 years of age, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit as much of the custodial property as the court considers advisable for the use and benefit of the minor.
(b-1) A custodian may, without a court order, transfer all or part of the custodial property to a qualified minor's trust. A transfer of property under this subsection terminates the custodianship to the extent of the property transferred.
(c) A delivery, payment, or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor.