| 6 | 4 | | AN ACT |
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| 7 | 5 | | relating to the designation of the trustee of an express trust as a |
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| 8 | 6 | | beneficiary of a trust account or a P.O.D. payee of a P.O.D. |
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| 9 | 7 | | account. |
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| 10 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 9 | | SECTION 1. Section 113.001, Estates Code, is amended by |
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| 12 | 10 | | amending Subdivisions (2) and (5) and adding Subdivision (2-b) to |
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| 13 | 11 | | read as follows: |
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| 14 | 12 | | (2) "Beneficiary" means a person or trustee of an |
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| 15 | 13 | | express trust evidenced by a writing who is named in a trust account |
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| 16 | 14 | | as a person for whom a party to the account is named as trustee. |
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| 17 | 15 | | (2-b) "Express trust" has the meaning assigned by |
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| 18 | 16 | | Section 111.004, Property Code. |
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| 19 | 17 | | (5) "P.O.D. payee" means a person, trustee of an |
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| 20 | 18 | | express trust evidenced by a writing, or charitable organization |
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| 21 | 19 | | designated on a P.O.D. account as a person to whom the account is |
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| 22 | 20 | | payable on request after the death of one or more persons. |
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| 23 | 21 | | SECTION 2. The changes in law made by this Act apply only to |
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| 24 | 22 | | an account created on or after the effective date of this Act. An |
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| 25 | 23 | | account created before the effective date of this Act is covered by |
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| 26 | 24 | | the law in effect on the date the account was created, and the |
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| 27 | 25 | | former law is continued in effect for that purpose. |
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| 28 | 26 | | SECTION 3. This Act takes effect immediately if it receives |
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| 29 | 27 | | a vote of two-thirds of all the members elected to each house, as |
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| 30 | 28 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 31 | 29 | | Act does not receive the vote necessary for immediate effect, this |
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| 32 | 30 | | Act takes effect September 1, 2015. |
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| 31 | + | ______________________________ ______________________________ |
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| 32 | + | President of the Senate Speaker of the House |
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| 33 | + | I hereby certify that S.B. No. 1020 passed the Senate on |
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| 34 | + | April 20, 2015, by the following vote: Yeas 30, Nays 0. |
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| 35 | + | ______________________________ |
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| 36 | + | Secretary of the Senate |
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| 37 | + | I hereby certify that S.B. No. 1020 passed the House on |
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| 38 | + | May 19, 2015, by the following vote: Yeas 146, Nays 0, two |
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| 39 | + | present not voting. |
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| 40 | + | ______________________________ |
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| 41 | + | Chief Clerk of the House |
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| 42 | + | Approved: |
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| 43 | + | ______________________________ |
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| 44 | + | Date |
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| 45 | + | ______________________________ |
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| 46 | + | Governor |
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