Bill Text: TX SB994 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to the adoption of the Texas Uniform Disclaimer of Property Interests Act.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-03-10 - Referred to State Affairs [SB994 Detail]
Download: Texas-2015-SB994-Introduced.html
84R12447 KFF-F | ||
By: Rodríguez | S.B. No. 994 |
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relating to the adoption of the Texas Uniform Disclaimer of | ||
Property Interests Act. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. The Property Code is amended by adding Title 13 | ||
to read as follows: | ||
TITLE 13. DISCLAIMER OF PROPERTY INTERESTS | ||
CHAPTER 240. TEXAS UNIFORM DISCLAIMER OF PROPERTY INTERESTS ACT | ||
SUBCHAPTER A. GENERAL PROVISIONS | ||
Sec. 240.001. SHORT TITLE. This chapter may be cited as the | ||
"Texas Uniform Disclaimer of Property Interests Act." | ||
Sec. 240.002. DEFINITIONS. In this chapter: | ||
(1) "Disclaimant" means: | ||
(A) the person to whom a disclaimed interest or | ||
power would have passed had the disclaimer not been made; | ||
(B) the estate to which a disclaimed interest or | ||
power would have passed had the disclaimer not been made by the | ||
personal representative of the estate; | ||
(C) the ward to whom a disclaimed interest or | ||
power would have passed had the disclaimer not been made by the | ||
guardian of the ward's estate; or | ||
(D) the trust into which a disclaimed interest or | ||
power would have passed had the disclaimer not been made by the | ||
trustee of the trust. | ||
(2) "Disclaimed interest" means the interest that | ||
would have passed to the disclaimant had the disclaimer not been | ||
made. | ||
(3) "Disclaimed power" means the power that would have | ||
been possessed by the disclaimant had the disclaimer not been made. | ||
(4) "Disclaimer" means the refusal to accept an | ||
interest in or power over property. | ||
(5) "Estate" has the meaning assigned by Section | ||
22.012, Estates Code. | ||
(6) "Guardian" has the meaning assigned by Section | ||
1002.012, Estates Code. | ||
(7) "Fiduciary" means a personal representative, a | ||
trustee, an attorney in fact or agent acting under a power of | ||
attorney, or any other person authorized to act as a fiduciary with | ||
respect to the property of another person. | ||
(8) Notwithstanding Section 311.005, Government Code, | ||
"person" means an individual, corporation, including a public | ||
corporation, business trust, partnership, limited liability | ||
company, association, joint venture, governmental entity, | ||
including a political subdivision, agency, or instrumentality, or | ||
any other legal entity. | ||
(9) "Personal representative" has the meanings | ||
assigned by Sections 22.031 and 1002.028, Estates Code. | ||
(10) "State" means a state of the United States, the | ||
District of Columbia, Puerto Rico, the United States Virgin | ||
Islands, or any territory or insular possession subject to the | ||
jurisdiction of the United States. The term includes an Indian | ||
tribe or band, or Alaskan native village, recognized by federal law | ||
or formally acknowledged by a state. | ||
(11) "Survivorship property" means property held in | ||
the name of two or more persons under an arrangement in which, on | ||
the death of one of the persons, the property passes to and is | ||
vested in the other person or persons. The term includes: | ||
(A) property held by an agreement described in | ||
Section 111.001, Estates Code; | ||
(B) property held by a community property | ||
survivorship agreement defined in Section 112.001, Estates Code; | ||
and | ||
(C) property in a joint account held by an | ||
agreement described in Section 113.151, Estates Code. | ||
(12) "Trust" means a trust described in Section | ||
111.003. | ||
(13) "Ward" has the meaning assigned by Section | ||
22.033, Estates Code. | ||
Sec. 240.003. APPLICABILITY OF CHAPTER. This chapter | ||
applies to disclaimers of any interest in or power over property, | ||
whenever created. | ||
Sec. 240.004. CHAPTER SUPPLEMENTED BY OTHER LAW. (a) | ||
Unless displaced by a provision of this chapter, the principles of | ||
law and equity supplement this chapter. | ||
(b) This chapter does not limit any right of a person to | ||
waive, release, disclaim, or renounce an interest in or power over | ||
property under a law other than this chapter. | ||
Sec. 240.005. UNIFORMITY OF APPLICATION AND CONSTRUCTION. | ||
In applying and construing this chapter, consideration must be | ||
given to the need to promote uniformity of the law, with respect to | ||
the subject matter of this chapter, among states that enact a law | ||
similar to this chapter. | ||
Sec. 240.006. POWER TO DISCLAIM BY PERSON OTHER THAN | ||
FIDUCIARY. (a) A person other than a fiduciary may disclaim, in | ||
whole or in part, any interest in or power over property, including | ||
a power of appointment. | ||
(b) A person other than a fiduciary may disclaim an interest | ||
or power under this section even if the creator of the interest or | ||
power imposed a spendthrift provision or similar restriction on | ||
transfer or a restriction or limitation on the right to disclaim. | ||
Sec. 240.007. POWER TO DISCLAIM POWER HELD IN FIDUCIARY | ||
CAPACITY BY PERSON DESIGNATED TO SERVE AS OR SERVING AS FIDUCIARY. | ||
(a) Except to the extent the person's right to disclaim is | ||
expressly restricted or limited by a law of this state or by the | ||
instrument creating the fiduciary relationship, a person | ||
designated to serve or serving as a fiduciary may disclaim, in whole | ||
or in part, any power over property, including a power of | ||
appointment, held in a fiduciary capacity. | ||
(b) A person designated to serve or serving as a fiduciary | ||
may disclaim a power under this section even if: | ||
(1) the creator of the power imposed a spendthrift | ||
provision or similar restriction on transfer or a restriction or | ||
limitation on the right to disclaim; or | ||
(2) an instrument other than the instrument that | ||
created the fiduciary relationship imposed a restriction or | ||
limitation on the right to disclaim. | ||
Sec. 240.008. POWER TO DISCLAIM BY FIDUCIARY ACTING IN | ||
FIDUCIARY CAPACITY. (a) Subject to Subsection (e) and except to | ||
the extent the fiduciary's right to disclaim is expressly | ||
restricted or limited by a law of this state or by the instrument | ||
creating the fiduciary relationship, a fiduciary acting in a | ||
fiduciary capacity may disclaim, in whole or in part, any interest | ||
in or power over property, including a power of appointment, that | ||
would have passed to the ward, estate, trust, or principal with | ||
respect to which the fiduciary was acting had the disclaimer not | ||
been made. | ||
(b) A fiduciary acting in a fiduciary capacity may disclaim | ||
an interest or power under this section even if the creator of the | ||
power or duty imposed a spendthrift provision or similar | ||
restriction on transfer or a restriction or limitation on the right | ||
to disclaim, or an instrument other than the instrument that | ||
created the fiduciary relationship imposed a restriction or | ||
limitation on the right to disclaim. | ||
(c) Except for a disclaimer by a personal representative | ||
subject to court supervision or a disclaimer by the trustee of a | ||
management trust described in Chapter 1301, Estates Code, a | ||
disclaimer by a fiduciary acting in a fiduciary capacity does not | ||
require court approval to be effective unless the instrument that | ||
created the fiduciary relationship requires court approval. | ||
(d) In the absence of a court-appointed guardian, without | ||
court approval, a natural guardian as described by Section | ||
1104.051, Estates Code, may disclaim on behalf of a minor child of | ||
the natural guardian, in whole or in part, any interest in or power | ||
over property, including a power of appointment, that the minor | ||
child is to receive solely as a result of another disclaimer, but | ||
only if the disclaimed interest or power does not pass to or for the | ||
benefit of the natural guardian as a result of the disclaimer. | ||
(e) A disclaimer by a fiduciary acting in a fiduciary | ||
capacity must be compatible with the fiduciary's fiduciary | ||
obligations, unless a court of proper jurisdiction orders | ||
otherwise. | ||
Sec. 240.009. POWER TO DISCLAIM; GENERAL REQUIREMENTS; WHEN | ||
IRREVOCABLE. (a) To be effective, a disclaimer must: | ||
(1) be in writing; | ||
(2) declare the disclaimer; | ||
(3) describe the interest or power disclaimed; | ||
(4) be signed by the person making the disclaimer; and | ||
(5) be delivered or filed in the manner provided by | ||
Subchapter C. | ||
(b) A partial disclaimer may be expressed as a fraction, | ||
percentage, monetary amount, term of years, limitation of a power, | ||
or any other interest or estate in the property. | ||
(c) A disclaimer is irrevocable on the later of the date the | ||
disclaimer: | ||
(1) is delivered or filed under Subchapter C; or | ||
(2) takes effect as provided in Sections | ||
240.051-240.056. | ||
(d) A disclaimer made under this chapter is not a transfer, | ||
assignment, or release. | ||
SUBCHAPTER B. TYPE AND EFFECT OF DISCLAIMER | ||
Sec. 240.051. DISCLAIMER OF INTEREST IN PROPERTY. (a) In | ||
this section: | ||
(1) "Future interest" means an interest that takes | ||
effect in possession or enjoyment, if at all, later than the time of | ||
the interest's creation. | ||
(2) "Time of distribution" means the time when a | ||
disclaimed interest would have taken effect in possession or | ||
enjoyment. | ||
(b) This section applies to a disclaimer of an interest in | ||
property other than a disclaimer subject to Section 240.052 or | ||
240.053. | ||
(c) A disclaimer takes effect as of the time the instrument | ||
creating the interest becomes irrevocable, or, if the interest | ||
arose under the law of intestate succession, as of the time of the | ||
intestate's death. | ||
(d) A disclaimed interest passes according to any provision | ||
in the instrument creating the interest that provides for: | ||
(1) the disposition of the interest if the interest | ||
were to be disclaimed; or | ||
(2) the disposition of disclaimed interests in | ||
general. | ||
(e) If the instrument creating the disclaimed interest does | ||
not contain a provision described by Subsection (d) and: | ||
(1) if the disclaimant is not an individual, the | ||
disclaimed interest passes as if the disclaimant did not exist; or | ||
(2) if the disclaimant is an individual: | ||
(A) except as otherwise provided in Paragraph (B) | ||
or (C), the disclaimed interest passes as if the disclaimant had | ||
died immediately before the time of distribution; | ||
(B) if by law or under the instrument the | ||
descendants of a disclaimant would share in the disclaimed interest | ||
by any method of representation had the disclaimant died before the | ||
time of distribution, the disclaimed interest passes only to the | ||
descendants of the disclaimant who survive the time of | ||
distribution; and | ||
(C) if the disclaimed interest would have passed | ||
to the disclaimant's estate had the disclaimant died before the | ||
time of distribution, the disclaimed interest instead passes by | ||
representation to the descendants of the disclaimant who survive | ||
the time of distribution. | ||
(f) If a descendant of the disclaimant does not survive the | ||
time of distribution under Subsection (e)(2)(C), the disclaimed | ||
interest passes to those persons, including the state but excluding | ||
the disclaimant, and in such shares as would have succeeded to the | ||
transferor's intestate estate under the intestate succession law of | ||
the transferor's domicile had the transferor died at the time of | ||
distribution, except that if the transferor's surviving spouse is | ||
living but is remarried at the time of distribution, the transferor | ||
is considered to have died unmarried at the time of distribution. | ||
(g) On the disclaimer of a preceding interest, a future | ||
interest held by a person other than the disclaimant takes effect as | ||
if the disclaimant had died or ceased to exist immediately before | ||
the time of distribution, but a future interest held by the | ||
disclaimant is not accelerated in possession or enjoyment. | ||
Sec. 240.052. DISCLAIMER OF RIGHTS IN SURVIVORSHIP | ||
PROPERTY. (a) On the death of a holder of survivorship property, a | ||
surviving holder may disclaim, in whole or in part: | ||
(1) if the survivorship property is held by a | ||
community property survivorship agreement defined by Section | ||
112.001, Estates Code, one-half of the survivorship property; or | ||
(2) if the survivorship property is held by an | ||
agreement described in Section 111.001, Estates Code, or in a joint | ||
account held by an agreement described in Section 113.151, Estates | ||
Code, the greater of: | ||
(A) a fractional share of the property determined | ||
by dividing the number one by the number of holders alive | ||
immediately before the death of the holder to whose death the | ||
disclaimer relates; or | ||
(B) all of the property except that part of the | ||
value of the entire interest attributable to the contribution | ||
furnished by the disclaimant. | ||
(b) A disclaimer under Subsection (a) takes effect as of the | ||
death of the holder of survivorship property to whose death the | ||
disclaimer relates. | ||
(c) An interest in survivorship property disclaimed by a | ||
surviving holder of the property passes as if the disclaimant | ||
predeceased the holder to whose death the disclaimer relates. | ||
Sec. 240.053. DISCLAIMER OF INTEREST BY TRUSTEE. If a | ||
trustee disclaims an interest in property that otherwise would have | ||
become trust property, the interest does not become trust property. | ||
Sec. 240.054. DISCLAIMER OF POWER OF APPOINTMENT OR OTHER | ||
POWER NOT HELD IN FIDUCIARY CAPACITY. (a) If a holder disclaims a | ||
power of appointment or other power not held in a fiduciary | ||
capacity, this section applies. | ||
(b) If the holder: | ||
(1) has not exercised the power, the disclaimer takes | ||
effect as of the time the instrument creating the power becomes | ||
irrevocable; or | ||
(2) has exercised the power and the disclaimer is of a | ||
power other than a presently exercisable general power of | ||
appointment, the disclaimer takes effect immediately after the last | ||
exercise of the power. | ||
(c) The instrument creating the power is construed as if the | ||
power had expired when the disclaimer became effective. | ||
Sec. 240.055. DISCLAIMER BY APPOINTEE, OBJECT, OR TAKER IN | ||
DEFAULT OF EXERCISE OF POWER OF APPOINTMENT. (a) A disclaimer of an | ||
interest in property by an appointee of a power of appointment takes | ||
effect as of the time the instrument by which the holder exercises | ||
the power becomes irrevocable. | ||
(b) A disclaimer of an interest in property by an object or | ||
taker in default of an exercise of a power of appointment takes | ||
effect as of the time the instrument creating the power becomes | ||
irrevocable. | ||
Sec. 240.056. DISCLAIMER OF POWER HELD IN FIDUCIARY | ||
CAPACITY. (a) If a person designated to serve or serving as a | ||
fiduciary disclaims a power held or to be held in a fiduciary | ||
capacity that has not been exercised, the disclaimer takes effect | ||
as of the time the instrument creating the power becomes | ||
irrevocable. | ||
(b) If a person designated to serve or serving as a | ||
fiduciary disclaims a power held or to be held in a fiduciary | ||
capacity that has been exercised, the disclaimer takes effect | ||
immediately after the last exercise of the power. | ||
(c) A disclaimer subject to this section is effective as to | ||
another person designated to serve or serving as a fiduciary if: | ||
(1) the disclaimer provides that it is effective as to | ||
another person designated to serve or serving as a fiduciary; and | ||
(2) the person disclaiming has the authority to bind | ||
the estate, trust, or other person for whom the person is acting. | ||
Sec. 240.057. TAX QUALIFIED DISCLAIMER. Notwithstanding | ||
any other provision of this chapter, if, as a result of a disclaimer | ||
or transfer, the disclaimed or transferred interest is treated | ||
under the Internal Revenue Code of 1986 or any successor law as | ||
never having been transferred to the disclaimant, the disclaimer or | ||
transfer is effective as a disclaimer under this chapter. | ||
SUBCHAPTER C. DELIVERY OR FILING | ||
Sec. 240.101. DELIVERY OR FILING GENERALLY. (a) Subject to | ||
applicable requirements of this subchapter, a disclaimant may | ||
deliver a disclaimer by personal delivery, first-class mail, | ||
facsimile, e-mail, or any other method likely to result in the | ||
disclaimer's receipt. | ||
(b) If a disclaimer is mailed to the intended recipient by | ||
certified mail, return receipt requested, at an address the | ||
disclaimant in good faith believes is likely to result in the | ||
disclaimer's receipt, delivery is considered to have occurred on | ||
the date of mailing regardless of the date of receipt. | ||
Sec. 240.102. DISCLAIMER OF INTEREST CREATED UNDER | ||
INTESTATE SUCCESSION OR WILL. In the case of an interest created | ||
under the law of intestate succession or an interest created by | ||
will, other than an interest in a testamentary trust: | ||
(1) a disclaimer must be delivered to the personal | ||
representative of the decedent's estate; or | ||
(2) if no personal representative is then serving, a | ||
disclaimer must be filed in the official public records of the | ||
county in which the decedent: | ||
(A) was domiciled; or | ||
(B) owned real property. | ||
Sec. 240.103. DISCLAIMER OF INTEREST IN TESTAMENTARY TRUST. | ||
In the case of an interest in a testamentary trust: | ||
(1) a disclaimer must be delivered to the trustee then | ||
serving; | ||
(2) if no trustee is then serving, a disclaimer must be | ||
delivered to the personal representative of the decedent's estate; | ||
or | ||
(3) if no trustee or personal representative is then | ||
serving, a disclaimer must be filed in the official public records | ||
of the county in which the decedent: | ||
(A) was domiciled; or | ||
(B) owned real property. | ||
Sec. 240.104. DISCLAIMER OF INTEREST IN INTER VIVOS TRUST. | ||
In the case of an interest in an inter vivos trust: | ||
(1) a disclaimer must be delivered to the trustee then | ||
serving, or, if no trustee is then serving, a disclaimer must be | ||
filed: | ||
(A) with a court having jurisdiction to enforce | ||
the trust; or | ||
(B) in the official public records of the county | ||
in which: | ||
(i) the situs of administration of the | ||
trust is maintained; or | ||
(ii) the settlor is domiciled or was | ||
domiciled at the date of the settlor's death; or | ||
(2) if a disclaimer is made before the time the | ||
instrument creating the trust becomes irrevocable, a disclaimer | ||
must be delivered to the settlor of a revocable trust or the | ||
transferor of the interest. | ||
Sec. 240.105. DISCLAIMER OF INTEREST CREATED BY BENEFICIARY | ||
DESIGNATION. (a) In this section, "beneficiary designation" means | ||
an instrument, other than an instrument creating a trust, naming | ||
the beneficiary of: | ||
(1) an annuity or insurance policy; | ||
(2) an account with a designation for payment on | ||
death; | ||
(3) a security registered in beneficiary form; | ||
(4) a pension, profit-sharing, retirement, or other | ||
employment-related benefit plan; or | ||
(5) any other nonprobate transfer at death. | ||
(b) In the case of an interest created by a beneficiary | ||
designation that is disclaimed before the designation becomes | ||
irrevocable, the disclaimer must be delivered to the person making | ||
the beneficiary designation. | ||
(c) In the case of an interest created by a beneficiary | ||
designation that is disclaimed after the designation becomes | ||
irrevocable: | ||
(1) a disclaimer of an interest in personal property | ||
must be delivered to the person obligated to distribute the | ||
interest; and | ||
(2) a disclaimer of an interest in real property must | ||
be recorded in the official public records of the county where the | ||
real property that is the subject of the disclaimer is located. | ||
Sec. 240.106. DISCLAIMER BY SURVIVING HOLDER OF | ||
SURVIVORSHIP PROPERTY. In the case of a disclaimer by a surviving | ||
holder of survivorship property, the disclaimer must be delivered | ||
to the person to whom the disclaimed interest passes. | ||
Sec. 240.107. DISCLAIMER OF CERTAIN POWERS OF APPOINTMENT. | ||
In the case of a disclaimer by an object or taker in default of | ||
exercise of a power of appointment at any time after the power was | ||
created: | ||
(1) the disclaimer must be delivered to the holder of | ||
the power or to the fiduciary acting under the instrument that | ||
created the power; or | ||
(2) if no fiduciary is then serving, a disclaimer must | ||
be filed: | ||
(A) with a court having authority to appoint the | ||
fiduciary; or | ||
(B) in the official public records of the county | ||
in which the creator of the power is domiciled or was domiciled at | ||
the date of the creator's death. | ||
Sec. 240.108. DISCLAIMER BY CERTAIN APPOINTEES. In the | ||
case of a disclaimer by an appointee of a nonfiduciary power of | ||
appointment: | ||
(1) the disclaimer must be delivered to the holder, | ||
the personal representative of the holder's estate, or the | ||
fiduciary under the instrument that created the power; or | ||
(2) if no fiduciary is then serving, the disclaimer | ||
must be filed: | ||
(A) with a court having authority to appoint the | ||
fiduciary; or | ||
(B) in the official public records of the county | ||
in which the creator of the power is domiciled or was domiciled at | ||
the date of the creator's death. | ||
Sec. 240.109. DISCLAIMER BY CERTAIN FIDUCIARIES. In the | ||
case of a disclaimer by a fiduciary of a power over a trust or | ||
estate, the disclaimer must be delivered as provided by Section | ||
240.102, 240.103, or 240.104 as if the power disclaimed were an | ||
interest in property. | ||
Sec. 240.110. DISCLAIMER OF POWER BY AGENT. In the case of | ||
a disclaimer of a power by an agent, the disclaimer must be | ||
delivered to the principal or the principal's representative. | ||
Sec. 240.111. RECORDING OF DISCLAIMER. If an instrument | ||
transferring an interest in or power over property subject to a | ||
disclaimer is required or authorized by law to be filed, recorded, | ||
or registered, the disclaimer may be filed, recorded, or registered | ||
as that instrument. Except as otherwise provided by Section | ||
240.105(c)(2), failure to file, record, or register the disclaimer | ||
does not affect the disclaimer's validity between the disclaimant | ||
and persons to whom the property interest or power passes by reason | ||
of the disclaimer. | ||
SUBCHAPTER D. DISCLAIMER BARRED OR LIMITED | ||
Sec. 240.151. WHEN DISCLAIMER BARRED OR LIMITED. (a) A | ||
disclaimer is barred by a written waiver of the right to disclaim. | ||
(b) A disclaimer of an interest in property is barred if any | ||
of the following events occur before the disclaimer becomes | ||
effective: | ||
(1) the disclaimant accepts the interest sought to be | ||
disclaimed; | ||
(2) the disclaimant voluntarily assigns, conveys, | ||
encumbers, pledges, or transfers the interest sought to be | ||
disclaimed or contracts to do so; or | ||
(3) the interest sought to be disclaimed is sold under | ||
a judicial sale. | ||
(c) A disclaimer, in whole or in part, of the future | ||
exercise of a power held in a fiduciary capacity is not barred by | ||
the previous exercise of the power. | ||
(d) A disclaimer, in whole or in part, of the future | ||
exercise of a power not held in a fiduciary capacity is not barred | ||
by the previous exercise of the power unless the power is | ||
exercisable in favor of the disclaimant. | ||
(e) A disclaimer is barred or limited if provided by other | ||
law. | ||
(f) A disclaimer of: | ||
(1) a power over property that is barred by this | ||
section is ineffective; and | ||
(2) an interest in property that is barred by this | ||
section takes effect as a transfer of the interest disclaimed to the | ||
persons who would have taken the interest under Subchapter B had the | ||
disclaimer not been barred. | ||
(g) A disclaimer by a child support obligor is barred as to | ||
disclaimed property that could be applied to satisfy the | ||
disclaimant's child support obligations if those obligations have | ||
been: | ||
(1) administratively determined by the Title IV-D | ||
agency as defined by Section 101.033, Family Code, in a Title IV-D | ||
case as defined by Section 101.034, Family Code; or | ||
(2) confirmed and reduced to judgment as provided by | ||
Section 157.263, Family Code. | ||
(h) The child support obligee to whom child support | ||
arrearages are owed may enforce the child support obligation | ||
against the disclaimant as to disclaimed property by a lien or by | ||
any other remedy provided by law. | ||
SECTION 2. The heading to Chapter 122, Estates Code, is | ||
amended to read as follows: | ||
CHAPTER 122. [ |
||
SECTION 3. Section 122.201, Estates Code, is amended to | ||
read as follows: | ||
Sec. 122.201. ASSIGNMENT. A person who is entitled to | ||
receive property or an interest in property from a decedent under a | ||
will, by inheritance, or as a beneficiary under a life insurance | ||
contract, and does not disclaim the property under Chapter 240, | ||
Property Code, [ |
||
in property to any person. | ||
SECTION 4. Section 122.202, Estates Code, is amended to | ||
read as follows: | ||
Sec. 122.202. FILING OF ASSIGNMENT. An assignment may, at | ||
the request of the assignor, be delivered or filed as provided for | ||
the delivery or filing of a disclaimer under Subchapter C, Chapter | ||
240, Property Code [ |
||
SECTION 5. Section 122.204, Estates Code, is amended to | ||
read as follows: | ||
Sec. 122.204. FAILURE TO COMPLY. Failure to comply with | ||
Chapter 240, Property Code, [ |
||
affect an assignment. | ||
SECTION 6. Section 122.205, Estates Code, is amended to | ||
read as follows: | ||
Sec. 122.205. GIFT. An assignment under this chapter | ||
[ |
||
Chapter 240, Property Code [ |
||
SECTION 7. Section 122.206, Estates Code, is amended to | ||
read as follows: | ||
Sec. 122.206. SPENDTHRIFT PROVISION. An assignment of | ||
property or interest that would defeat a spendthrift provision | ||
imposed in a trust may not be made under this chapter [ |
||
SECTION 8. The following provisions are repealed: | ||
(1) Subchapters A, B, C, and D, Chapter 122, Estates | ||
Code; | ||
(2) the heading to Subchapter E, Chapter 122, Estates | ||
Code; | ||
(3) Section 122.203, Estates Code; and | ||
(4) Sections 112.010(b), (c), (c-1), (c-2), (d), and | ||
(e), Property Code. | ||
SECTION 9. Title 13, Property Code, as added by this Act, | ||
applies to an interest in or power over property existing on or | ||
after the effective date of this Act if the time for delivering or | ||
filing a disclaimer under former law, including the time for filing | ||
a written memorandum of disclaimer under Section 122.055, Estates | ||
Code, or the time for delivering notice of the disclaimer under | ||
Section 122.056, Estates Code, as those sections existed | ||
immediately before the effective date of this Act, has not elapsed. | ||
If the time for filing or delivering notice of a written memorandum | ||
of disclaimer under former law has elapsed, the former law applies | ||
and is continued in effect for that purpose. | ||
SECTION 10. Chapter 122, Estates Code, as amended by this | ||
Act, applies to property or an interest in or power existing on or | ||
after the effective date of this Act if the time for delivering or | ||
filing an assignment under former law, including the time for | ||
filing an assignment under Section 122.202, Estates Code, or the | ||
time for delivering notice of the filing of assignment under | ||
Section 122.203, Estates Code, as those sections existed | ||
immediately before the effective date of this Act, has not elapsed. | ||
If the time for filing or delivering notice of an assignment under | ||
former law has elapsed, the former law applies and is continued in | ||
effect for that purpose. | ||
SECTION 11. This Act takes effect September 1, 2015. |