Texas 2015 - 84th Regular

Texas Senate Bill SB994 Compare Versions

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1	1	84R12447 KFF-F
2	2	By: Rodríguez S.B. No. 994
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the adoption of the Texas Uniform Disclaimer of
8	8	Property Interests Act.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. The Property Code is amended by adding Title 13
11	11	to read as follows:
12	12	TITLE 13. DISCLAIMER OF PROPERTY INTERESTS
13	13	CHAPTER 240. TEXAS UNIFORM DISCLAIMER OF PROPERTY INTERESTS ACT
14	14	SUBCHAPTER A. GENERAL PROVISIONS
15	15	Sec. 240.001. SHORT TITLE. This chapter may be cited as the
16	16	"Texas Uniform Disclaimer of Property Interests Act."
17	17	Sec. 240.002. DEFINITIONS. In this chapter:
18	18	(1) "Disclaimant" means:
19	19	(A) the person to whom a disclaimed interest or
20	20	power would have passed had the disclaimer not been made;
21	21	(B) the estate to which a disclaimed interest or
22	22	power would have passed had the disclaimer not been made by the
23	23	personal representative of the estate;
24	24	(C) the ward to whom a disclaimed interest or
25	25	power would have passed had the disclaimer not been made by the
26	26	guardian of the ward's estate; or
27	27	(D) the trust into which a disclaimed interest or
28	28	power would have passed had the disclaimer not been made by the
29	29	trustee of the trust.
30	30	(2) "Disclaimed interest" means the interest that
31	31	would have passed to the disclaimant had the disclaimer not been
32	32	made.
33	33	(3) "Disclaimed power" means the power that would have
34	34	been possessed by the disclaimant had the disclaimer not been made.
35	35	(4) "Disclaimer" means the refusal to accept an
36	36	interest in or power over property.
37	37	(5) "Estate" has the meaning assigned by Section
38	38	22.012, Estates Code.
39	39	(6) "Guardian" has the meaning assigned by Section
40	40	1002.012, Estates Code.
41	41	(7) "Fiduciary" means a personal representative, a
42	42	trustee, an attorney in fact or agent acting under a power of
43	43	attorney, or any other person authorized to act as a fiduciary with
44	44	respect to the property of another person.
45	45	(8) Notwithstanding Section 311.005, Government Code,
46	46	"person" means an individual, corporation, including a public
47	47	corporation, business trust, partnership, limited liability
48	48	company, association, joint venture, governmental entity,
49	49	including a political subdivision, agency, or instrumentality, or
50	50	any other legal entity.
51	51	(9) "Personal representative" has the meanings
52	52	assigned by Sections 22.031 and 1002.028, Estates Code.
53	53	(10) "State" means a state of the United States, the
54	54	District of Columbia, Puerto Rico, the United States Virgin
55	55	Islands, or any territory or insular possession subject to the
56	56	jurisdiction of the United States. The term includes an Indian
57	57	tribe or band, or Alaskan native village, recognized by federal law
58	58	or formally acknowledged by a state.
59	59	(11) "Survivorship property" means property held in
60	60	the name of two or more persons under an arrangement in which, on
61	61	the death of one of the persons, the property passes to and is
62	62	vested in the other person or persons. The term includes:
63	63	(A) property held by an agreement described in
64	64	Section 111.001, Estates Code;
65	65	(B) property held by a community property
66	66	survivorship agreement defined in Section 112.001, Estates Code;
67	67	and
68	68	(C) property in a joint account held by an
69	69	agreement described in Section 113.151, Estates Code.
70	70	(12) "Trust" means a trust described in Section
71	71	111.003.
72	72	(13) "Ward" has the meaning assigned by Section
73	73	22.033, Estates Code.
74	74	Sec. 240.003. APPLICABILITY OF CHAPTER. This chapter
75	75	applies to disclaimers of any interest in or power over property,
76	76	whenever created.
77	77	Sec. 240.004. CHAPTER SUPPLEMENTED BY OTHER LAW. (a)
78	78	Unless displaced by a provision of this chapter, the principles of
79	79	law and equity supplement this chapter.
80	80	(b) This chapter does not limit any right of a person to
81	81	waive, release, disclaim, or renounce an interest in or power over
82	82	property under a law other than this chapter.
83	83	Sec. 240.005. UNIFORMITY OF APPLICATION AND CONSTRUCTION.
84	84	In applying and construing this chapter, consideration must be
85	85	given to the need to promote uniformity of the law, with respect to
86	86	the subject matter of this chapter, among states that enact a law
87	87	similar to this chapter.
88	88	Sec. 240.006. POWER TO DISCLAIM BY PERSON OTHER THAN
89	89	FIDUCIARY. (a) A person other than a fiduciary may disclaim, in
90	90	whole or in part, any interest in or power over property, including
91	91	a power of appointment.
92	92	(b) A person other than a fiduciary may disclaim an interest
93	93	or power under this section even if the creator of the interest or
94	94	power imposed a spendthrift provision or similar restriction on
95	95	transfer or a restriction or limitation on the right to disclaim.
96	96	Sec. 240.007. POWER TO DISCLAIM POWER HELD IN FIDUCIARY
97	97	CAPACITY BY PERSON DESIGNATED TO SERVE AS OR SERVING AS FIDUCIARY.
98	98	(a) Except to the extent the person's right to disclaim is
99	99	expressly restricted or limited by a law of this state or by the
100	100	instrument creating the fiduciary relationship, a person
101	101	designated to serve or serving as a fiduciary may disclaim, in whole
102	102	or in part, any power over property, including a power of
103	103	appointment, held in a fiduciary capacity.
104	104	(b) A person designated to serve or serving as a fiduciary
105	105	may disclaim a power under this section even if:
106	106	(1) the creator of the power imposed a spendthrift
107	107	provision or similar restriction on transfer or a restriction or
108	108	limitation on the right to disclaim; or
109	109	(2) an instrument other than the instrument that
110	110	created the fiduciary relationship imposed a restriction or
111	111	limitation on the right to disclaim.
112	112	Sec. 240.008. POWER TO DISCLAIM BY FIDUCIARY ACTING IN
113	113	FIDUCIARY CAPACITY. (a) Subject to Subsection (e) and except to
114	114	the extent the fiduciary's right to disclaim is expressly
115	115	restricted or limited by a law of this state or by the instrument
116	116	creating the fiduciary relationship, a fiduciary acting in a
117	117	fiduciary capacity may disclaim, in whole or in part, any interest
118	118	in or power over property, including a power of appointment, that
119	119	would have passed to the ward, estate, trust, or principal with
120	120	respect to which the fiduciary was acting had the disclaimer not
121	121	been made.
122	122	(b) A fiduciary acting in a fiduciary capacity may disclaim
123	123	an interest or power under this section even if the creator of the
124	124	power or duty imposed a spendthrift provision or similar
125	125	restriction on transfer or a restriction or limitation on the right
126	126	to disclaim, or an instrument other than the instrument that
127	127	created the fiduciary relationship imposed a restriction or
128	128	limitation on the right to disclaim.
129	129	(c) Except for a disclaimer by a personal representative
130	130	subject to court supervision or a disclaimer by the trustee of a
131	131	management trust described in Chapter 1301, Estates Code, a
132	132	disclaimer by a fiduciary acting in a fiduciary capacity does not
133	133	require court approval to be effective unless the instrument that
134	134	created the fiduciary relationship requires court approval.
135	135	(d) In the absence of a court-appointed guardian, without
136	136	court approval, a natural guardian as described by Section
137	137	1104.051, Estates Code, may disclaim on behalf of a minor child of
138	138	the natural guardian, in whole or in part, any interest in or power
139	139	over property, including a power of appointment, that the minor
140	140	child is to receive solely as a result of another disclaimer, but
141	141	only if the disclaimed interest or power does not pass to or for the
142	142	benefit of the natural guardian as a result of the disclaimer.
143	143	(e) A disclaimer by a fiduciary acting in a fiduciary
144	144	capacity must be compatible with the fiduciary's fiduciary
145	145	obligations, unless a court of proper jurisdiction orders
146	146	otherwise.
147	147	Sec. 240.009. POWER TO DISCLAIM; GENERAL REQUIREMENTS; WHEN
148	148	IRREVOCABLE. (a) To be effective, a disclaimer must:
149	149	(1) be in writing;
150	150	(2) declare the disclaimer;
151	151	(3) describe the interest or power disclaimed;
152	152	(4) be signed by the person making the disclaimer; and
153	153	(5) be delivered or filed in the manner provided by
154	154	Subchapter C.
155	155	(b) A partial disclaimer may be expressed as a fraction,
156	156	percentage, monetary amount, term of years, limitation of a power,
157	157	or any other interest or estate in the property.
158	158	(c) A disclaimer is irrevocable on the later of the date the
159	159	disclaimer:
160	160	(1) is delivered or filed under Subchapter C; or
161	161	(2) takes effect as provided in Sections
162	162	240.051-240.056.
163	163	(d) A disclaimer made under this chapter is not a transfer,
164	164	assignment, or release.
165	165	SUBCHAPTER B. TYPE AND EFFECT OF DISCLAIMER
166	166	Sec. 240.051. DISCLAIMER OF INTEREST IN PROPERTY. (a) In
167	167	this section:
168	168	(1) "Future interest" means an interest that takes
169	169	effect in possession or enjoyment, if at all, later than the time of
170	170	the interest's creation.
171	171	(2) "Time of distribution" means the time when a
172	172	disclaimed interest would have taken effect in possession or
173	173	enjoyment.
174	174	(b) This section applies to a disclaimer of an interest in
175	175	property other than a disclaimer subject to Section 240.052 or
176	176	240.053.
177	177	(c) A disclaimer takes effect as of the time the instrument
178	178	creating the interest becomes irrevocable, or, if the interest
179	179	arose under the law of intestate succession, as of the time of the
180	180	intestate's death.
181	181	(d) A disclaimed interest passes according to any provision
182	182	in the instrument creating the interest that provides for:
183	183	(1) the disposition of the interest if the interest
184	184	were to be disclaimed; or
185	185	(2) the disposition of disclaimed interests in
186	186	general.
187	187	(e) If the instrument creating the disclaimed interest does
188	188	not contain a provision described by Subsection (d) and:
189	189	(1) if the disclaimant is not an individual, the
190	190	disclaimed interest passes as if the disclaimant did not exist; or
191	191	(2) if the disclaimant is an individual:
192	192	(A) except as otherwise provided in Paragraph (B)
193	193	or (C), the disclaimed interest passes as if the disclaimant had
194	194	died immediately before the time of distribution;
195	195	(B) if by law or under the instrument the
196	196	descendants of a disclaimant would share in the disclaimed interest
197	197	by any method of representation had the disclaimant died before the
198	198	time of distribution, the disclaimed interest passes only to the
199	199	descendants of the disclaimant who survive the time of
200	200	distribution; and
201	201	(C) if the disclaimed interest would have passed
202	202	to the disclaimant's estate had the disclaimant died before the
203	203	time of distribution, the disclaimed interest instead passes by
204	204	representation to the descendants of the disclaimant who survive
205	205	the time of distribution.
206	206	(f) If a descendant of the disclaimant does not survive the
207	207	time of distribution under Subsection (e)(2)(C), the disclaimed
208	208	interest passes to those persons, including the state but excluding
209	209	the disclaimant, and in such shares as would have succeeded to the
210	210	transferor's intestate estate under the intestate succession law of
211	211	the transferor's domicile had the transferor died at the time of
212	212	distribution, except that if the transferor's surviving spouse is
213	213	living but is remarried at the time of distribution, the transferor
214	214	is considered to have died unmarried at the time of distribution.
215	215	(g) On the disclaimer of a preceding interest, a future
216	216	interest held by a person other than the disclaimant takes effect as
217	217	if the disclaimant had died or ceased to exist immediately before
218	218	the time of distribution, but a future interest held by the
219	219	disclaimant is not accelerated in possession or enjoyment.
220	220	Sec. 240.052. DISCLAIMER OF RIGHTS IN SURVIVORSHIP
221	221	PROPERTY. (a) On the death of a holder of survivorship property, a
222	222	surviving holder may disclaim, in whole or in part:
223	223	(1) if the survivorship property is held by a
224	224	community property survivorship agreement defined by Section
225	225	112.001, Estates Code, one-half of the survivorship property; or
226	226	(2) if the survivorship property is held by an
227	227	agreement described in Section 111.001, Estates Code, or in a joint
228	228	account held by an agreement described in Section 113.151, Estates
229	229	Code, the greater of:
230	230	(A) a fractional share of the property determined
231	231	by dividing the number one by the number of holders alive
232	232	immediately before the death of the holder to whose death the
233	233	disclaimer relates; or
234	234	(B) all of the property except that part of the
235	235	value of the entire interest attributable to the contribution
236	236	furnished by the disclaimant.
237	237	(b) A disclaimer under Subsection (a) takes effect as of the
238	238	death of the holder of survivorship property to whose death the
239	239	disclaimer relates.
240	240	(c) An interest in survivorship property disclaimed by a
241	241	surviving holder of the property passes as if the disclaimant
242	242	predeceased the holder to whose death the disclaimer relates.
243	243	Sec. 240.053. DISCLAIMER OF INTEREST BY TRUSTEE. If a
244	244	trustee disclaims an interest in property that otherwise would have
245	245	become trust property, the interest does not become trust property.
246	246	Sec. 240.054. DISCLAIMER OF POWER OF APPOINTMENT OR OTHER
247	247	POWER NOT HELD IN FIDUCIARY CAPACITY. (a) If a holder disclaims a
248	248	power of appointment or other power not held in a fiduciary
249	249	capacity, this section applies.
250	250	(b) If the holder:
251	251	(1) has not exercised the power, the disclaimer takes
252	252	effect as of the time the instrument creating the power becomes
253	253	irrevocable; or
254	254	(2) has exercised the power and the disclaimer is of a
255	255	power other than a presently exercisable general power of
256	256	appointment, the disclaimer takes effect immediately after the last
257	257	exercise of the power.
258	258	(c) The instrument creating the power is construed as if the
259	259	power had expired when the disclaimer became effective.
260	260	Sec. 240.055. DISCLAIMER BY APPOINTEE, OBJECT, OR TAKER IN
261	261	DEFAULT OF EXERCISE OF POWER OF APPOINTMENT. (a) A disclaimer of an
262	262	interest in property by an appointee of a power of appointment takes
263	263	effect as of the time the instrument by which the holder exercises
264	264	the power becomes irrevocable.
265	265	(b) A disclaimer of an interest in property by an object or
266	266	taker in default of an exercise of a power of appointment takes
267	267	effect as of the time the instrument creating the power becomes
268	268	irrevocable.
269	269	Sec. 240.056. DISCLAIMER OF POWER HELD IN FIDUCIARY
270	270	CAPACITY. (a) If a person designated to serve or serving as a
271	271	fiduciary disclaims a power held or to be held in a fiduciary
272	272	capacity that has not been exercised, the disclaimer takes effect
273	273	as of the time the instrument creating the power becomes
274	274	irrevocable.
275	275	(b) If a person designated to serve or serving as a
276	276	fiduciary disclaims a power held or to be held in a fiduciary
277	277	capacity that has been exercised, the disclaimer takes effect
278	278	immediately after the last exercise of the power.
279	279	(c) A disclaimer subject to this section is effective as to
280	280	another person designated to serve or serving as a fiduciary if:
281	281	(1) the disclaimer provides that it is effective as to
282	282	another person designated to serve or serving as a fiduciary; and
283	283	(2) the person disclaiming has the authority to bind
284	284	the estate, trust, or other person for whom the person is acting.
285	285	Sec. 240.057. TAX QUALIFIED DISCLAIMER. Notwithstanding
286	286	any other provision of this chapter, if, as a result of a disclaimer
287	287	or transfer, the disclaimed or transferred interest is treated
288	288	under the Internal Revenue Code of 1986 or any successor law as
289	289	never having been transferred to the disclaimant, the disclaimer or
290	290	transfer is effective as a disclaimer under this chapter.
291	291	SUBCHAPTER C. DELIVERY OR FILING
292	292	Sec. 240.101. DELIVERY OR FILING GENERALLY. (a) Subject to
293	293	applicable requirements of this subchapter, a disclaimant may
294	294	deliver a disclaimer by personal delivery, first-class mail,
295	295	facsimile, e-mail, or any other method likely to result in the
296	296	disclaimer's receipt.
297	297	(b) If a disclaimer is mailed to the intended recipient by
298	298	certified mail, return receipt requested, at an address the
299	299	disclaimant in good faith believes is likely to result in the
300	300	disclaimer's receipt, delivery is considered to have occurred on
301	301	the date of mailing regardless of the date of receipt.
302	302	Sec. 240.102. DISCLAIMER OF INTEREST CREATED UNDER
303	303	INTESTATE SUCCESSION OR WILL. In the case of an interest created
304	304	under the law of intestate succession or an interest created by
305	305	will, other than an interest in a testamentary trust:
306	306	(1) a disclaimer must be delivered to the personal
307	307	representative of the decedent's estate; or
308	308	(2) if no personal representative is then serving, a
309	309	disclaimer must be filed in the official public records of the
310	310	county in which the decedent:
311	311	(A) was domiciled; or
312	312	(B) owned real property.
313	313	Sec. 240.103. DISCLAIMER OF INTEREST IN TESTAMENTARY TRUST.
314	314	In the case of an interest in a testamentary trust:
315	315	(1) a disclaimer must be delivered to the trustee then
316	316	serving;
317	317	(2) if no trustee is then serving, a disclaimer must be
318	318	delivered to the personal representative of the decedent's estate;
319	319	or
320	320	(3) if no trustee or personal representative is then
321	321	serving, a disclaimer must be filed in the official public records
322	322	of the county in which the decedent:
323	323	(A) was domiciled; or
324	324	(B) owned real property.
325	325	Sec. 240.104. DISCLAIMER OF INTEREST IN INTER VIVOS TRUST.
326	326	In the case of an interest in an inter vivos trust:
327	327	(1) a disclaimer must be delivered to the trustee then
328	328	serving, or, if no trustee is then serving, a disclaimer must be
329	329	filed:
330	330	(A) with a court having jurisdiction to enforce
331	331	the trust; or
332	332	(B) in the official public records of the county
333	333	in which:
334	334	(i) the situs of administration of the
335	335	trust is maintained; or
336	336	(ii) the settlor is domiciled or was
337	337	domiciled at the date of the settlor's death; or
338	338	(2) if a disclaimer is made before the time the
339	339	instrument creating the trust becomes irrevocable, a disclaimer
340	340	must be delivered to the settlor of a revocable trust or the
341	341	transferor of the interest.
342	342	Sec. 240.105. DISCLAIMER OF INTEREST CREATED BY BENEFICIARY
343	343	DESIGNATION. (a) In this section, "beneficiary designation" means
344	344	an instrument, other than an instrument creating a trust, naming
345	345	the beneficiary of:
346	346	(1) an annuity or insurance policy;
347	347	(2) an account with a designation for payment on
348	348	death;
349	349	(3) a security registered in beneficiary form;
350	350	(4) a pension, profit-sharing, retirement, or other
351	351	employment-related benefit plan; or
352	352	(5) any other nonprobate transfer at death.
353	353	(b) In the case of an interest created by a beneficiary
354	354	designation that is disclaimed before the designation becomes
355	355	irrevocable, the disclaimer must be delivered to the person making
356	356	the beneficiary designation.
357	357	(c) In the case of an interest created by a beneficiary
358	358	designation that is disclaimed after the designation becomes
359	359	irrevocable:
360	360	(1) a disclaimer of an interest in personal property
361	361	must be delivered to the person obligated to distribute the
362	362	interest; and
363	363	(2) a disclaimer of an interest in real property must
364	364	be recorded in the official public records of the county where the
365	365	real property that is the subject of the disclaimer is located.
366	366	Sec. 240.106. DISCLAIMER BY SURVIVING HOLDER OF
367	367	SURVIVORSHIP PROPERTY. In the case of a disclaimer by a surviving
368	368	holder of survivorship property, the disclaimer must be delivered
369	369	to the person to whom the disclaimed interest passes.
370	370	Sec. 240.107. DISCLAIMER OF CERTAIN POWERS OF APPOINTMENT.
371	371	In the case of a disclaimer by an object or taker in default of
372	372	exercise of a power of appointment at any time after the power was
373	373	created:
374	374	(1) the disclaimer must be delivered to the holder of
375	375	the power or to the fiduciary acting under the instrument that
376	376	created the power; or
377	377	(2) if no fiduciary is then serving, a disclaimer must
378	378	be filed:
379	379	(A) with a court having authority to appoint the
380	380	fiduciary; or
381	381	(B) in the official public records of the county
382	382	in which the creator of the power is domiciled or was domiciled at
383	383	the date of the creator's death.
384	384	Sec. 240.108. DISCLAIMER BY CERTAIN APPOINTEES. In the
385	385	case of a disclaimer by an appointee of a nonfiduciary power of
386	386	appointment:
387	387	(1) the disclaimer must be delivered to the holder,
388	388	the personal representative of the holder's estate, or the
389	389	fiduciary under the instrument that created the power; or
390	390	(2) if no fiduciary is then serving, the disclaimer
391	391	must be filed:
392	392	(A) with a court having authority to appoint the
393	393	fiduciary; or
394	394	(B) in the official public records of the county
395	395	in which the creator of the power is domiciled or was domiciled at
396	396	the date of the creator's death.
397	397	Sec. 240.109. DISCLAIMER BY CERTAIN FIDUCIARIES. In the
398	398	case of a disclaimer by a fiduciary of a power over a trust or
399	399	estate, the disclaimer must be delivered as provided by Section
400	400	240.102, 240.103, or 240.104 as if the power disclaimed were an
401	401	interest in property.
402	402	Sec. 240.110. DISCLAIMER OF POWER BY AGENT. In the case of
403	403	a disclaimer of a power by an agent, the disclaimer must be
404	404	delivered to the principal or the principal's representative.
405	405	Sec. 240.111. RECORDING OF DISCLAIMER. If an instrument
406	406	transferring an interest in or power over property subject to a
407	407	disclaimer is required or authorized by law to be filed, recorded,
408	408	or registered, the disclaimer may be filed, recorded, or registered
409	409	as that instrument. Except as otherwise provided by Section
410	410	240.105(c)(2), failure to file, record, or register the disclaimer
411	411	does not affect the disclaimer's validity between the disclaimant
412	412	and persons to whom the property interest or power passes by reason
413	413	of the disclaimer.
414	414	SUBCHAPTER D. DISCLAIMER BARRED OR LIMITED
415	415	Sec. 240.151. WHEN DISCLAIMER BARRED OR LIMITED. (a) A
416	416	disclaimer is barred by a written waiver of the right to disclaim.
417	417	(b) A disclaimer of an interest in property is barred if any
418	418	of the following events occur before the disclaimer becomes
419	419	effective:
420	420	(1) the disclaimant accepts the interest sought to be
421	421	disclaimed;
422	422	(2) the disclaimant voluntarily assigns, conveys,
423	423	encumbers, pledges, or transfers the interest sought to be
424	424	disclaimed or contracts to do so; or
425	425	(3) the interest sought to be disclaimed is sold under
426	426	a judicial sale.
427	427	(c) A disclaimer, in whole or in part, of the future
428	428	exercise of a power held in a fiduciary capacity is not barred by
429	429	the previous exercise of the power.
430	430	(d) A disclaimer, in whole or in part, of the future
431	431	exercise of a power not held in a fiduciary capacity is not barred
432	432	by the previous exercise of the power unless the power is
433	433	exercisable in favor of the disclaimant.
434	434	(e) A disclaimer is barred or limited if provided by other
435	435	law.
436	436	(f) A disclaimer of:
437	437	(1) a power over property that is barred by this
438	438	section is ineffective; and
439	439	(2) an interest in property that is barred by this
440	440	section takes effect as a transfer of the interest disclaimed to the
441	441	persons who would have taken the interest under Subchapter B had the
442	442	disclaimer not been barred.
443	443	(g) A disclaimer by a child support obligor is barred as to
444	444	disclaimed property that could be applied to satisfy the
445	445	disclaimant's child support obligations if those obligations have
446	446	been:
447	447	(1) administratively determined by the Title IV-D
448	448	agency as defined by Section 101.033, Family Code, in a Title IV-D
449	449	case as defined by Section 101.034, Family Code; or
450	450	(2) confirmed and reduced to judgment as provided by
451	451	Section 157.263, Family Code.
452	452	(h) The child support obligee to whom child support
453	453	arrearages are owed may enforce the child support obligation
454	454	against the disclaimant as to disclaimed property by a lien or by
455	455	any other remedy provided by law.
456	456	SECTION 2. The heading to Chapter 122, Estates Code, is
457	457	amended to read as follows:
458	458	CHAPTER 122. [DISCLAIMERS AND] ASSIGNMENTS
459	459	SECTION 3. Section 122.201, Estates Code, is amended to
460	460	read as follows:
461	461	Sec. 122.201. ASSIGNMENT. A person who is entitled to
462	462	receive property or an interest in property from a decedent under a
463	463	will, by inheritance, or as a beneficiary under a life insurance
464	464	contract, and does not disclaim the property under Chapter 240,
465	465	Property Code, [this chapter] may assign the property or interest
466	466	in property to any person.
467	467	SECTION 4. Section 122.202, Estates Code, is amended to
468	468	read as follows:
469	469	Sec. 122.202. FILING OF ASSIGNMENT. An assignment may, at
470	470	the request of the assignor, be delivered or filed as provided for
471	471	the delivery or filing of a disclaimer under Subchapter C, Chapter
472	472	240, Property Code [B].
473	473	SECTION 5. Section 122.204, Estates Code, is amended to
474	474	read as follows:
475	475	Sec. 122.204. FAILURE TO COMPLY. Failure to comply with
476	476	Chapter 240, Property Code, [Subchapters A, B, C, and D] does not
477	477	affect an assignment.
478	478	SECTION 6. Section 122.205, Estates Code, is amended to
479	479	read as follows:
480	480	Sec. 122.205. GIFT. An assignment under this chapter
481	481	[subchapter] is a gift to the assignee and is not a disclaimer under
482	482	Chapter 240, Property Code [Subchapters A, B, C, and D].
483	483	SECTION 7. Section 122.206, Estates Code, is amended to
484	484	read as follows:
485	485	Sec. 122.206. SPENDTHRIFT PROVISION. An assignment of
486	486	property or interest that would defeat a spendthrift provision
487	487	imposed in a trust may not be made under this chapter [subchapter].
488	488	SECTION 8. The following provisions are repealed:
489	489	(1) Subchapters A, B, C, and D, Chapter 122, Estates
490	490	Code;
491	491	(2) the heading to Subchapter E, Chapter 122, Estates
492	492	Code;
493	493	(3) Section 122.203, Estates Code; and
494	494	(4) Sections 112.010(b), (c), (c-1), (c-2), (d), and
495	495	(e), Property Code.
496	496	SECTION 9. Title 13, Property Code, as added by this Act,
497	497	applies to an interest in or power over property existing on or
498	498	after the effective date of this Act if the time for delivering or
499	499	filing a disclaimer under former law, including the time for filing
500	500	a written memorandum of disclaimer under Section 122.055, Estates
501	501	Code, or the time for delivering notice of the disclaimer under
502	502	Section 122.056, Estates Code, as those sections existed
503	503	immediately before the effective date of this Act, has not elapsed.
504	504	If the time for filing or delivering notice of a written memorandum
505	505	of disclaimer under former law has elapsed, the former law applies
506	506	and is continued in effect for that purpose.
507	507	SECTION 10. Chapter 122, Estates Code, as amended by this
508	508	Act, applies to property or an interest in or power existing on or
509	509	after the effective date of this Act if the time for delivering or
510	510	filing an assignment under former law, including the time for
511	511	filing an assignment under Section 122.202, Estates Code, or the
512	512	time for delivering notice of the filing of assignment under
513	513	Section 122.203, Estates Code, as those sections existed
514	514	immediately before the effective date of this Act, has not elapsed.
515	515	If the time for filing or delivering notice of an assignment under
516	516	former law has elapsed, the former law applies and is continued in
517	517	effect for that purpose.
518	518	SECTION 11. This Act takes effect September 1, 2015.