BILL ANALYSIS
By: Hartnett
Committee Report (Substituted)
BACKGROUND AND PURPOSE
Lawyers in the probate bar occasionally discover circumstances and situations in the practice of the law that require a statutory remedy. The purpose of this bill is to adopt several of such legislative adjustments.
RULEMAKING AUTHORITY
It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution.
ANALYSIS
Section 1 of the bill would amend Section 149B(a) of the Probate Code to change the trigger date for the beginning of a time period from the date of entry of the order creating an independent executor to the date the letters testamentary or of administration are issued to the independent executor.
Sections 2 and 3 of the bill change the heading to Part 5, Chapter VII, Texas Probate Code and amend the chapter by adding two new sections providing for the liability of a personal representative to a beneficiary for losses to and lost profits of an estate, and profits of the personal representative arising out of a breach of duty by the representative, and specifying remedies for such breach.
Section 4 pertains to the prospective application of the act.
EFFECTIVE DATE
September 1, 2007.
COMPARISON OF ORIGINAL TO SUBSTITUTE
The substitute deletes Section 1 of the original bill pertaining to heir finder contracts.