§ 774. Exercise of Power With or Without Court Order
774. Exercise of Power With or Without Court Order
(a) On application, and if authorized by an order, the guardian of the estate may renew or extend any obligation owed by or to the ward. On written application to the court and when a guardian of the estate deems it is in the best interest of the estate, the guardian may, if authorized by an order of the court:
(1) purchase or exchange property;
(2) take a claim or property for the use and benefit of the estate in payment of a debt due or owing to the estate;
(3) compound a bad or doubtful debt due or owing to the estate;
(4) make a compromise or a settlement in relation to property or a claim in dispute or litigation;
(5) compromise or pay in full any secured claim that has been allowed and approved as required by law against the estate by conveying to the holder of the secured claim the real estate or personalty securing the claim, in full payment, liquidation, and satisfaction of the claim, and in consideration of cancellation of a note, deed of trust, mortgage, chattel mortgage, or other evidence of a lien that secures the payment of the claim;
(6) abandon worthless or burdensome property and the administration of that property. Abandoned real or personal property may be foreclosed on by a secured party, trustee, or mortgagee without further order of the court;
(7) purchase a prepaid funeral benefits contract; and
(8) establish a trust in accordance with 42 U.S.C. Section 1396p(d)(4)(B), as amended, and direct that the income of the ward as defined by that section be paid directly to the trust, solely for the purpose of the ward's eligibility for medical assistance under Chapter 32, Human Resources Code.
(b) The guardian of the estate of a person, without application to or order of the court, may exercise the following powers provided, however, that a guardian may apply and obtain an order if doubtful of the propriety of the exercise of any such power:
(1) release a lien on payment at maturity of the debt secured by the lien;
(2) vote stocks by limited or general proxy;
(3) pay calls and assessments;
(4) insure the estate against liability in appropriate cases;
(5) insure property of the estate against fire, theft, and other hazards; and
(6) pay taxes, court costs, and bond premiums.