Underwriting Manual: TX
6.16
Fiduciary Deeds
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6.16.1
In General
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| Fiduciary deeds are those executed by executors, administrators, guardians, conservators, receivers, curators, trustees, agents, attorneys-in-fact, etc.. |
6.16.2
Checklist Of Items To Be Examined In Relation To a Fiduciary Deed
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| Has the fiduciary's source of power and authority been duly ascertained? |
| If of a nonjudicial origin: |
| · | Has the empowering instrument been thoroughly examined? |
| · | Does the instrument fully authorize and empower the fiduciary to execute the specific transaction under examination? |
| · | Does it contain any limitation, restriction, or prohibition? |
| · | Does the instrument need to be recorded? |
| If of a judicial origin: |
| · | Have the proceedings been thoroughly examined? |
| · | Do the proceedings conform with state law provisions? |
| · | Is a judicial confirmation necessary and if necessary, has a final nonappealable judicial confirmation been obtained? |
| Is there any legal requirement that the fiduciary deed recite the full and actual consideration paid? |
| Does the fiduciary deed recite the source of power and authority? |
| Is the fiduciary deed proper in form, execution, acknowledgment, and recordation? |