| 1 | 1 | | 88R2901 ATP-D |
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| 2 | 2 | | By: Hinojosa S.B. No. 843 |
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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 a trust beneficiary's approval of a trustee's |
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| 8 | 8 | | accounting. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subchapter E, Chapter 113, Property Code, is |
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| 11 | 11 | | amended by adding Section 113.153 to read as follows: |
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| 12 | 12 | | Sec. 113.153. BENEFICIARY'S APPROVAL OF ACCOUNTING. (a) |
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| 13 | 13 | | This section does not apply to a trustee that is required to file |
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| 14 | 14 | | regular accountings with a court by: |
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| 15 | 15 | | (1) the terms of the trust; or |
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| 16 | 16 | | (2) a separate court order. |
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| 17 | 17 | | (b) If a beneficiary, or the beneficiary's guardian if |
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| 18 | 18 | | applicable, does not object, in writing to the trustee or a court, |
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| 19 | 19 | | to an accounting made under this subchapter before the 180th day |
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| 20 | 20 | | after the date a copy of the accounting has been delivered to the |
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| 21 | 21 | | last known address of the beneficiary: |
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| 22 | 22 | | (1) the beneficiary is considered to have approved the |
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| 23 | 23 | | accounting; and |
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| 24 | 24 | | (2) absent fraud, intentional misrepresentation, or |
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| 25 | 25 | | material omission, the trustee is released from liability relating |
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| 26 | 26 | | to all matters in the accounting. |
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| 27 | 27 | | (c) This section may not be construed to require a trustee |
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| 28 | 28 | | to deliver an accounting to a beneficiary. |
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| 29 | 29 | | SECTION 2. Section 113.153, Property Code, as added by this |
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| 30 | 30 | | Act, applies only to an accounting delivered on or after the |
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| 31 | 31 | | effective date of this Act. |
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| 32 | 32 | | SECTION 3. This Act takes effect September 1, 2023. |
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