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AN ACT
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relating to investment options for property recovered in a suit by a |
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next friend or guardian ad litem on behalf of a minor or |
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incapacitated person. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 142.004(a), Property Code, is amended to |
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read as follows: |
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(a) In a suit in which a minor or incapacitated person who |
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has no legal guardian is represented by a next friend or an |
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appointed guardian ad litem, any money recovered by the plaintiff, |
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if not otherwise managed under this chapter, may be invested: |
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(1) by the next friend or guardian ad litem in: |
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(A) a higher education savings plan established |
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under Subchapter G, Chapter 54, Education Code, or a prepaid |
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tuition program [the Texas tomorrow fund] established under [by] |
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Subchapter H [F], Chapter 54, Education Code; or |
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(B) interest-bearing time deposits in a |
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financial institution doing business in this state and insured by |
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the Federal Deposit Insurance Corporation; or |
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(2) by the clerk of the court, on written order of the |
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court of proper jurisdiction, in: |
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(A) a higher education savings plan established |
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under Subchapter G, Chapter 54, Education Code, or a prepaid |
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tuition program [the Texas tomorrow fund] established under [by] |
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Subchapter H [F], Chapter 54, Education Code; |
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(B) interest-bearing deposits in a financial |
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institution doing business in this state and insured by the Federal |
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Deposit Insurance Corporation; |
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(C) United States treasury bills; |
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(D) an eligible interlocal investment pool that |
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meets the requirements of Sections 2256.016, 2256.017, and |
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2256.019, Government Code; or |
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(E) a no-load money market mutual fund, if the |
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fund: |
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(i) is regulated by the Securities and |
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Exchange Commission; |
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(ii) has a dollar weighted average stated |
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maturity of 90 days or fewer; and |
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(iii) includes in its investment objectives |
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the maintenance of a stable net asset value of $1 for each share. |
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SECTION 2. This Act takes effect September 1, 2015. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 1560 was passed by the House on April |
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23, 2015, by the following vote: Yeas 139, Nays 0, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 1560 was passed by the Senate on May |
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20, 2015, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |