Amend SB 506 on page 11 by inserting a new SECTION 12 and
SECTION 13 as follows and renumbering subsequent sections
accordingly.
      SECTION 12.  Subsection (a), Section 450, Texas Probate Code,
is amended to read as follows:
      (a)  Any of the following provisions in an insurance policy,
contract of employment, bond, mortgage, promissory note, deposit
agreement, employees' trust, retirement account, deferred
compensation arrangement, custodial agreement, pension plan, trust
agreement, conveyance of real or personal property, securities,
accounts with financial institutions as defined in Part 1 of this
Chapter or any other written instrument effective as a contract,
gift, conveyance, or trust is deemed to be nontestamentary, and
this code does not invalidate the instrument or any provision:
            (1)  that money or other benefits theretofore due to,
controlled, or owned  by a decedent shall be paid after his death
to a person designated by the decedent in either the instrument or
a separate writing, including a will, executed at the same time as
the instrument or subsequently;
            (2)  that any money due or to become due under the
instrument shall cease to be payable in event of death of the
promisee or the promissor before payment or demand; or
            (3)  that any property which is the subject of the
instrument shall pass to a person designated by the decedent in
either the instrument or a separate writing, including a will,
executed at the same time as the instrument or subsequently.
      SECTION 13. Part 4, Chapter XI, Texas Probate Code, as added
by SB 504, Acts of the 75th Legislature, Regular Session, 1997, is
repealed.