Bill Text: TX HB1813 | 2011-2012 | 82nd Legislature | Comm Sub
Bill Title: Relating to the beneficiaries of a trust who are entitled to demand an accounting from the trustee.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2011-05-04 - Postponed [HB1813 Detail]
Download: Texas-2011-HB1813-Comm_Sub.html
| 82R17072 AJA-D | |||
| By: Phillips | H.B. No. 1813 | ||
| Substitute the following for H.B. No. 1813: | |||
| By: Quintanilla | C.S.H.B. No. 1813 | ||
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| relating to the beneficiaries of a trust who are entitled to demand | ||
| an accounting from the trustee. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 113.151(a), Property Code, is amended to | ||
| read as follows: | ||
| (a) A beneficiary, including a person whose right to benefit | ||
| from the trust is contingent, regardless of whether the right to | ||
| benefit from the trust is presently vested, by written demand may | ||
| request the trustee to deliver to each beneficiary of the trust a | ||
| written statement of accounts covering all transactions since the | ||
| last accounting or since the creation of the trust, whichever is | ||
| later. If the trustee fails or refuses to deliver the statement on | ||
| or before the 90th day after the date the trustee receives the | ||
| demand or after a longer period ordered by a court, any beneficiary | ||
| of the trust may file suit to compel the trustee to deliver the | ||
| statement to all beneficiaries of the trust. The court may require | ||
| the trustee to deliver a written statement of account to all | ||
| beneficiaries on finding that the nature of the beneficiary's | ||
| interest in the trust or the effect of the administration of the | ||
| trust on the beneficiary's interest is sufficient to require an | ||
| accounting by the trustee. However, the trustee is not obligated or | ||
| required to account to the beneficiaries of a trust more frequently | ||
| than once every 12 months unless a more frequent accounting is | ||
| required by the court. If a beneficiary is successful in the suit | ||
| to compel a statement under this section, the court may, in its | ||
| discretion, award all or part of the costs of court and all of the | ||
| suing beneficiary's reasonable and necessary attorney's fees and | ||
| costs against the trustee in the trustee's individual capacity or | ||
| in the trustee's capacity as trustee. | ||
| SECTION 2. This Act takes effect September 1, 2011. | ||
