S.B. No. 1202
AN ACT
relating to the value of property that may be transferred to a
custodian or other person for the benefit of a minor under certain
circumstances.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 141.007(c), Property Code, is amended to
read as follows:
(c) A transfer under Subsection (a) or (b) may be made only
if:
(1) the legal representative or trustee considers the
transfer to be in the best interest of the minor;
(2) the transfer is not prohibited by or inconsistent
with provisions of the applicable will, trust agreement, or other
governing instrument; and
(3) the transfer is authorized by the court if it
exceeds $25,000 [$10,000] in value.
SECTION 2. Section 141.008(c), Property Code, is amended to
read as follows:
(c) If a custodian has not been nominated under Section
141.004, or all persons nominated as custodian die before the
transfer or are unable, decline, or are ineligible to serve, a
transfer under this section may be made to an adult member of the
minor's family or to a trust company unless the property exceeds
$25,000 [$15,000] in value.
SECTION 3. The changes in law made by this Act apply only to
a transfer made on or after the effective date of this Act. A
transfer made before the effective date of this Act is governed by
the law as it existed immediately before the effective date of this
Act, and the prior law is continued in effect for that purpose.
SECTION 4. This Act takes effect September 1, 2015.
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1202 passed the Senate on
April 30, 2015, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1202 passed the House on
May 22, 2015, by the following vote: Yeas 137, Nays 3, two
present not voting.
______________________________
Chief Clerk of the House
Approved:
______________________________
Date
______________________________
Governor