Bill Text: TX SB843 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to a trust beneficiary's approval of a trustee's accounting.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-03-01 - Referred to State Affairs [SB843 Detail]
Download: Texas-2023-SB843-Introduced.html
| 88R2901 ATP-D | ||
| By: Hinojosa | S.B. No. 843 | |
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| 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 trustee that is required to file | ||
| regular accountings with a court by: | ||
| (1) the terms of the trust; or | ||
| (2) a separate court order. | ||
| (b) If a beneficiary, or the beneficiary's guardian if | ||
| applicable, does not object, in writing to the trustee or a court, | ||
| to an accounting made under this subchapter 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. | ||
| (c) This section may not be construed to require a trustee | ||
| to deliver an accounting to a beneficiary. | ||
| 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, 2023. | ||
