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A BILL TO BE ENTITLED
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AN ACT
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relating to the designation of the trustee of an express trust as a |
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beneficiary of a trust account or a P.O.D. payee of a P.O.D. |
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account. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 113.001, Estates Code, is amended by |
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amending Subdivisions (2) and (5) and adding Subdivision (2-b) to |
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read as follows: |
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(2) "Beneficiary" means a person or trustee of an |
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express trust evidenced by a writing who is named in a trust account |
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as a person for whom a party to the account is named as trustee. |
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(2-b) "Express trust" has the meaning assigned by |
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Section 111.004, Property Code. |
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(5) "P.O.D. payee" means a person, trustee of an |
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express trust evidenced by a writing, or charitable organization |
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designated on a P.O.D. account as a person to whom the account is |
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payable on request after the death of one or more persons. |
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SECTION 2. The changes in law made by this Act apply only to |
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an account created on or after the effective date of this Act. An |
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account created before the effective date of this Act is covered by |
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the law in effect on the date the account was created, and the |
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former law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2015. |