| 1 | 1 | | 84R11611 KFF-F |
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| 2 | 2 | | By: Wray H.B. No. 2705 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the value of property that may be transferred to a |
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| 8 | 8 | | custodian or other person for the benefit of a minor under certain |
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| 9 | 9 | | circumstances. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Section 141.007(c), Property Code, is amended to |
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| 12 | 12 | | read as follows: |
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| 13 | 13 | | (c) A transfer under Subsection (a) or (b) may be made only |
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| 14 | 14 | | if: |
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| 15 | 15 | | (1) the legal representative or trustee considers the |
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| 16 | 16 | | transfer to be in the best interest of the minor; |
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| 17 | 17 | | (2) the transfer is not prohibited by or inconsistent |
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| 18 | 18 | | with provisions of the applicable will, trust agreement, or other |
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| 19 | 19 | | governing instrument; and |
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| 20 | 20 | | (3) the transfer is authorized by the court if it |
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| 21 | 21 | | exceeds $25,000 [$10,000] in value. |
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| 22 | 22 | | SECTION 2. Section 141.008(c), Property Code, is amended to |
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| 23 | 23 | | read as follows: |
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| 24 | 24 | | (c) If a custodian has not been nominated under Section |
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| 25 | 25 | | 141.004, or all persons nominated as custodian die before the |
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| 26 | 26 | | transfer or are unable, decline, or are ineligible to serve, a |
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| 27 | 27 | | transfer under this section may be made to an adult member of the |
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| 28 | 28 | | minor's family or to a trust company unless the property exceeds |
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| 29 | 29 | | $25,000 [$15,000] in value. |
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| 30 | 30 | | SECTION 3. The changes in law made by this Act apply only to |
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| 31 | 31 | | a transfer made on or after the effective date of this Act. A |
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| 32 | 32 | | transfer made before the effective date of this Act is governed by |
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| 33 | 33 | | the law as it existed immediately before the effective date of this |
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| 34 | 34 | | Act, and the prior law is continued in effect for that purpose. |
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| 35 | 35 | | SECTION 4. This Act takes effect September 1, 2015. |
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