82R17072 AJA-D
By: Phillips H.B. No. 1813
Substitute the following for H.B. No. 1813:
By: Quintanilla C.S.H.B. No. 1813
A BILL TO BE ENTITLED
AN ACT
relating to the beneficiaries of a trust who are entitled to demand
an accounting from the trustee.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 113.151(a), Property Code, is amended to
read as follows:
(a) A beneficiary, including a person whose right to benefit
from the trust is contingent, regardless of whether the right to
benefit from the trust is presently vested, by written demand may
request the trustee to deliver to each beneficiary of the trust a
written statement of accounts covering all transactions since the
last accounting or since the creation of the trust, whichever is
later. If the trustee fails or refuses to deliver the statement on
or before the 90th day after the date the trustee receives the
demand or after a longer period ordered by a court, any beneficiary
of the trust may file suit to compel the trustee to deliver the
statement to all beneficiaries of the trust. The court may require
the trustee to deliver a written statement of account to all
beneficiaries on finding that the nature of the beneficiary's
interest in the trust or the effect of the administration of the
trust on the beneficiary's interest is sufficient to require an
accounting by the trustee. However, the trustee is not obligated or
required to account to the beneficiaries of a trust more frequently
than once every 12 months unless a more frequent accounting is
required by the court. If a beneficiary is successful in the suit
to compel a statement under this section, the court may, in its
discretion, award all or part of the costs of court and all of the
suing beneficiary's reasonable and necessary attorney's fees and
costs against the trustee in the trustee's individual capacity or
in the trustee's capacity as trustee.
SECTION 2. This Act takes effect September 1, 2011.