1-1     By:  Naishtat (Senate Sponsor - Wentworth)            H.B. No. 1316

 1-2           (In the Senate - Received from the House April 14, 1997;

 1-3     April 16, 1997, read first time and referred to Committee on

 1-4     Jurisprudence; May 6, 1997, reported favorably by the following

 1-5     vote:  Yeas 6, Nays 0; May 6, 1997, sent to printer.)

 1-6                            A BILL TO BE ENTITLED

 1-7                                   AN ACT

 1-8     relating to the investment of assets by the guardian of an estate.

 1-9           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

1-10           SECTION 1.  Section 856(a), Texas Probate Code, is amended to

1-11     read as follows:

1-12           (a)  If a guardian of an estate deems it is in the best

1-13     interests of the ward the guardian is appointed to represent to

1-14     invest on behalf of the ward in the Texas Tomorrow Fund established

1-15     by Subchapter F, Chapter 54, Education Code, or to invest in or

1-16     sell any property or security in which a trustee is authorized to

1-17     invest by either Section 113.056 or Subchapter F, Chapter 113, of

1-18     the Texas Trust Code (Subtitle B, Title 9, Property Code), and the

1-19     investment or sale is not expressly permitted by other sections of

1-20     this chapter, the guardian may file a written application in the

1-21     court in which the guardianship is pending that asks for an order

1-22     authorizing the guardian to make the desired investment or sale and

1-23     states the reason why the guardian is of the opinion that the

1-24     investment or sale would be beneficial to the ward.  A citation or

1-25     notice is not necessary under this subsection unless ordered by the

1-26     court.

1-27           SECTION 2.  A court may modify any guardianship in effect on

1-28     September 1, 1997, to conform to the requirements of the Texas

1-29     Probate Code, as amended by this Act, on the court's own motion or

1-30     on application by the guardian or any other interested person or

1-31     entity.

1-32           SECTION 3.  This Act takes effect September 1, 1997.  Except

1-33     as provided by Section 2 of this Act, the change  in law made by

1-34     this Act applies only to a person appointed by a court to serve as

1-35     guardian on or after the effective date of this Act.  A person

1-36     appointed by a court to serve as guardian before the effective date

1-37     of this Act is governed by the law in effect on the date of the

1-38     person's appointment, and that law continues in effect for that

1-39     purpose.

1-40           SECTION 4.  The importance of this legislation and the

1-41     crowded condition of the calendars in both houses create an

1-42     emergency and an imperative public necessity that the

1-43     constitutional rule requiring bills to be read on three several

1-44     days in each house be suspended, and this rule is hereby suspended.

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