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A BILL TO BE ENTITLED
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AN ACT
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relating to a beneficiary or interested person for the purposes of |
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the Texas Trust Code. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 111.004(2) and (7), Property Code, are |
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amended to read as follows: |
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(2) "Beneficiary" means a person for whose benefit |
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property is held in trust, regardless of the nature of the interest. |
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The term includes a person whose right to benefit from the trust is |
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contingent, regardless of whether the right to benefit from the |
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trust is presently vested. |
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(7) "Interested person" means a trustee, a |
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beneficiary, including a beneficiary whose right to benefit from |
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the trust is contingent, regardless of whether the right to benefit |
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from the trust is presently vested, or any other person having an |
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interest in or a claim against the trust or any person who is |
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affected by the administration of the trust. Whether a person, |
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excluding a trustee or named beneficiary, is an interested person |
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may vary from time to time and must be determined according to the |
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particular purposes of and matter involved in any proceeding. |
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SECTION 2. This Act takes effect September 1, 2011. |