HBA-MAM, SEB H.B. 68 76(R)    BILL ANALYSIS


Office of House Bill AnalysisH.B. 68
By: Nixon, Joe
Civil Practices
2/25/1999
Introduced



BACKGROUND AND PURPOSE 

Chapter 142, Property Code, limits investment options for a minor who
recovers money in a lawsuit to: 1) payment into the registry of the court;
2) an annuity; or 3) payment into a trust.  Judges frequently face the
difficulty of approving settlements for minors who are to receive large
sums of money when they turn 18.  Many parents prefer to ensure the payment
of their children's education as part of a settlement, and are concerned
with the possibility of the minor misspending large lump sum payments
received from the registry of the court on the minor's 18th birthday.  The
option of the Texas Tomorrow Fund is currently not available to a court as
part of a minor's settlement.   H.B. 68 expands the investment options to
include the Texas Tomorrow Fund.   

RULEMAKING AUTHORITY

It is the opinion of the Office of House Bill Analysis that this bill does
not expressly delegate any additional rulemaking authority to a state
officer, department, agency, or institution. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 142.004(a), Property Code, to include the Texas
tomorrow fund in a list of investment options in which a next friend could
invest on behalf of a minor or incapacitated person who has no legal
guardian and has recovered money in a law suit.  Creates subdivisions out
of this addition and existing text. 

SECTION 2.  Emergency clause.
            Effective date:  upon passage.