Bill Text: TX SB1202 | 2015-2016 | 84th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the value of property that may be transferred to a custodian or other person for the benefit of a minor under certain circumstances.
Spectrum: Bipartisan Bill
Status: (Passed) 2015-06-16 - Effective on 9/1/15 [SB1202 Detail]
Download: Texas-2015-SB1202-Comm_Sub.html
Bill Title: Relating to the value of property that may be transferred to a custodian or other person for the benefit of a minor under certain circumstances.
Spectrum: Bipartisan Bill
Status: (Passed) 2015-06-16 - Effective on 9/1/15 [SB1202 Detail]
Download: Texas-2015-SB1202-Comm_Sub.html
By: Rodríguez | S.B. No. 1202 | |
(Wray) | ||
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relating to the value of property that may be transferred to a | ||
custodian or other person for the benefit of a minor under certain | ||
circumstances. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 141.007(c), Property Code, is amended to | ||
read as follows: | ||
(c) A transfer under Subsection (a) or (b) may be made only | ||
if: | ||
(1) the legal representative or trustee considers the | ||
transfer to be in the best interest of the minor; | ||
(2) the transfer is not prohibited by or inconsistent | ||
with provisions of the applicable will, trust agreement, or other | ||
governing instrument; and | ||
(3) the transfer is authorized by the court if it | ||
exceeds $25,000 [ |
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SECTION 2. Section 141.008(c), Property Code, is amended to | ||
read as follows: | ||
(c) If a custodian has not been nominated under Section | ||
141.004, or all persons nominated as custodian die before the | ||
transfer or are unable, decline, or are ineligible to serve, a | ||
transfer under this section may be made to an adult member of the | ||
minor's family or to a trust company unless the property exceeds | ||
$25,000 [ |
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SECTION 3. The changes in law made by this Act apply only to | ||
a transfer made on or after the effective date of this Act. A | ||
transfer made before the effective date of this Act is governed by | ||
the law as it existed immediately before the effective date of this | ||
Act, and the prior law is continued in effect for that purpose. | ||
SECTION 4. This Act takes effect September 1, 2015. |