Bill Text: TX SB843 | 2023-2024 | 88th Legislature | Introduced


Bill Title: Relating to a trust beneficiary's approval of a trustee's accounting.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2023-03-01 - Referred to State Affairs [SB843 Detail]

Download: Texas-2023-SB843-Introduced.html
  88R2901 ATP-D
 
  By: Hinojosa S.B. No. 843
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to a trust beneficiary's approval of a trustee's
  accounting.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter E, Chapter 113, Property Code, is
  amended by adding Section 113.153 to read as follows:
         Sec. 113.153.  BENEFICIARY'S APPROVAL OF ACCOUNTING.  (a)  
  This section does not apply to a trustee that is required to file
  regular accountings with a court by:
               (1)  the terms of the trust; or
               (2)  a separate court order.
         (b)  If a beneficiary, or the beneficiary's guardian if
  applicable, does not object, in writing to the trustee or a court,
  to an accounting made under this subchapter before the 180th day
  after the date a copy of the accounting has been delivered to the
  last known address of the beneficiary:
               (1)  the beneficiary is considered to have approved the
  accounting; and
               (2)  absent fraud, intentional misrepresentation, or
  material omission, the trustee is released from liability relating
  to all matters in the accounting.
         (c)  This section may not be construed to require a trustee
  to deliver an accounting to a beneficiary.
         SECTION 2.  Section 113.153, Property Code, as added by this
  Act, applies only to an accounting delivered on or after the
  effective date of this Act.
         SECTION 3.  This Act takes effect September 1, 2023.
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