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House Bill 3767 |
House Author: Paxton |
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Effective: 9-1-09 |
Senate Sponsor: Wentworth |
House Bill 3767 amends the Property Code to establish that certain property occupied and used by a settlor or beneficiary in which the settlor or beneficiary owns a beneficial interest through a qualifying trust is to be considered the homestead of the settlor or beneficiary for purposes of protection against seizure and forced sale for the payment of debts. The bill requires a married person who transfers property to the trustee of a qualifying trust to comply with requirements of law relating to the joinder of the person's spouse and authorizes a trustee to sell, convey, or encumber property transferred without the joinder of either spouse unless expressly prohibited by the instrument or court order creating the trust. The bill clarifies that the bill's provisions do not affect certain constitutional and statutory rights of a surviving spouse or surviving children relating to partition of a homestead and liability of a homestead for debts.