Bill Text: TX SB1020 | 2015-2016 | 84th Legislature | Enrolled

Texas Senate Bill 1020 (Prior Session Legislation)

Bill Title: Relating to the designation of the trustee of an express trust as a beneficiary of a trust account or a P.O.D. payee of a P.O.D. account.

Sponsorship: Partisan Bill (Republican 2)

Status: (Passed) 2015-05-29 - Effective immediately [SB1020 Detail]

Download: Texas-2015-SB1020-Enrolled.html



	S.B. No. 1020




	AN ACT
	relating to the designation of the trustee of an express trust as a
	beneficiary of a trust account or a P.O.D. payee of a P.O.D.
	account.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Section 113.001, Estates Code, is amended by
	amending Subdivisions (2) and (5) and adding Subdivision (2-b) to
	read as follows:
	(2) "Beneficiary" means a person or trustee of an
	express trust evidenced by a writing who is named in a trust account
	as a person for whom a party to the account is named as trustee.
	(2-b) "Express trust" has the meaning assigned by
	Section 111.004, Property Code.
	(5) "P.O.D. payee" means a person, trustee of an
	express trust evidenced by a writing, or charitable organization
	designated on a P.O.D. account as a person to whom the account is
	payable on request after the death of one or more persons.
	SECTION 2. The changes in law made by this Act apply only to
	an account created on or after the effective date of this Act. An
	account created before the effective date of this Act is covered by
	the law in effect on the date the account was created, and the
	former law is continued in effect for that purpose.
	SECTION 3. This Act takes effect immediately if it receives
	a vote of two-thirds of all the members elected to each house, as
	provided by Section 39, Article III, Texas Constitution. If this
	Act does not receive the vote necessary for immediate effect, this
	Act takes effect September 1, 2015.





	______________________________	______________________________
	President of the Senate	Speaker of the House

	I hereby certify that S.B. No. 1020 passed the Senate on
	April 20, 2015, by the following vote: Yeas 30, Nays 0.


	______________________________
	Secretary of the Senate

	I hereby certify that S.B. No. 1020 passed the House on
	May 19, 2015, by the following vote: Yeas 146, Nays 0, two
	present not voting.


	______________________________
	Chief Clerk of the House



	Approved:

	______________________________
	Date


	______________________________
	Governor