Bill Text: TX HB653 | 2021-2022 | 87th Legislature | Introduced

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Bill Title: Relating to a trust beneficiary's approval of a trustee's accounting.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2021-05-05 - Left pending in committee [HB653 Detail]

Download: Texas-2021-HB653-Introduced.html

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87R1859 MWC-D
By: Lucio III H.B. No. 653

A BILL TO BE ENTITLED
AN ACT
relating to a trust beneficiary's approval of a trustee's
accounting.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter E, Chapter 113, Property Code, is
amended by adding Section 113.153 to read as follows:
Sec. 113.153. BENEFICIARY'S APPROVAL OF ACCOUNTING. (a)
This section does not apply to a trust that is under judicial
supervision.
(b) If a beneficiary does not object to a trustee's
accounting before the 180th day after the date a copy of the
accounting has been delivered to the last known address of the
beneficiary:
(1) the beneficiary is considered to have approved the
accounting; and
(2) absent fraud, intentional misrepresentation, or
material omission, the trustee is released from liability relating
to all matters in the accounting.
SECTION 2. Section 113.153, Property Code, as added by this
Act, applies only to an accounting delivered on or after the
effective date of this Act.
SECTION 3. This Act takes effect September 1, 2021.