| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 87R1859 MWC-D | |
| 2 | 2 | By: Lucio III H.B. No. 653 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to a trust beneficiary's approval of a trustee's | |
| 8 | 8 | accounting. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Subchapter E, Chapter 113, Property Code, is | |
| 11 | 11 | amended by adding Section 113.153 to read as follows: | |
| 12 | 12 | Sec. 113.153. BENEFICIARY'S APPROVAL OF ACCOUNTING. (a) | |
| 13 | 13 | This section does not apply to a trust that is under judicial | |
| 14 | 14 | supervision. | |
| 15 | 15 | (b) If a beneficiary does not object to a trustee's | |
| 16 | 16 | accounting before the 180th day after the date a copy of the | |
| 17 | 17 | accounting has been delivered to the last known address of the | |
| 18 | 18 | beneficiary: | |
| 19 | 19 | (1) the beneficiary is considered to have approved the | |
| 20 | 20 | accounting; and | |
| 21 | 21 | (2) absent fraud, intentional misrepresentation, or | |
| 22 | 22 | material omission, the trustee is released from liability relating | |
| 23 | 23 | to all matters in the accounting. | |
| 24 | 24 | SECTION 2. Section 113.153, Property Code, as added by this | |
| 25 | 25 | Act, applies only to an accounting delivered on or after the | |
| 26 | 26 | effective date of this Act. | |
| 27 | 27 | SECTION 3. This Act takes effect September 1, 2021. |