Tex.
Prop. Code Section 113.018
Employment and Appointment of Agents
(a)
A trustee may employ attorneys, accountants, agents, including investment agents, and brokers reasonably necessary in the administration of the trust estate.(b)
Without limiting the trustee’s discretion under Subsection (a), a trustee may grant an agent powers with respect to property of the trust to act for the trustee in any lawful manner for purposes of real property transactions.(c)
A trustee acting under Subsection (b) may delegate any or all of the duties and powers to:(1)
execute and deliver any legal instruments relating to the sale and conveyance of the property, including affidavits, notices, disclosures, waivers, or designations or general or special warranty deeds binding the trustee with vendor’s liens retained or disclaimed, as applicable, or transferred to a third-party lender;(2)
accept notes, deeds of trust, or other legal instruments;(3)
approve closing statements authorizing deductions from the sale price;(4)
receive trustee’s net sales proceeds by check payable to the trustee;(5)
indemnify and hold harmless any third party who accepts and acts under a power of attorney with respect to the sale;(6)
take any action, including signing any document, necessary or appropriate to sell the property and accomplish the delegated powers;(7)
contract to purchase the property for any price on any terms;(8)
execute, deliver, or accept any legal instruments relating to the purchase of the property or to any financing of the purchase, including deeds, notes, deeds of trust, guaranties, or closing statements;(9)
approve closing statements authorizing payment of prorations and expenses;(10)
pay the trustee’s net purchase price from funds provided by the trustee;(11)
indemnify and hold harmless any third party who accepts and acts under a power of attorney with respect to the purchase; or(12)
take any action, including signing any document, necessary or appropriate to purchase the property and accomplish the delegated powers.(d)
A trustee who delegates a power under Subsection (b) is liable to the beneficiaries or to the trust for an action of the agent to whom the power was delegated.(e)
A delegation by the trustee under Subsection (b) must be documented in a written instrument acknowledged by the trustee before an officer authorized under the law of this state or another state to take acknowledgments to deeds of conveyance and administer oaths. A signature on a delegation by a trustee for purposes of this subsection is presumed to be genuine if the trustee acknowledges the signature in accordance with Chapter 121 (Acknowledgments and Proofs of Written Instruments), Civil Practice and Remedies Code.(f)
A delegation to an agent under Subsection (b) terminates six months from the date of the acknowledgment of the written delegation unless terminated earlier by:(1)
the death or incapacity of the trustee;(2)
the resignation or removal of the trustee; or(3)
a date specified in the written delegation.(g)
A person who in good faith accepts a delegation under Subsection (b) without actual knowledge that the delegation is void, invalid, or terminated, that the purported agent’s authority is void, invalid, or terminated, or that the agent is exceeding or improperly exercising the agent’s authority may rely on the delegation as if:(1)
the delegation were genuine, valid, and still in effect;(2)
the agent’s authority were genuine, valid, and still in effect; and(3)
the agent had not exceeded and had properly exercised the authority.(h)
A trustee may delegate powers under Subsection (b) if the governing instrument does not affirmatively permit the trustee to hire agents or expressly prohibit the trustee from hiring agents.
Source:
Section 113.018 — Employment and Appointment of Agents, https://statutes.capitol.texas.gov/Docs/PR/htm/PR.113.htm#113.018 (accessed Apr. 20, 2024).
