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A BILL TO BE ENTITLED
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AN ACT
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relating to a trust beneficiary's approval of a trustee's |
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accounting. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 113, Property Code, is |
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amended by adding Section 113.153 to read as follows: |
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Sec. 113.153. BENEFICIARY'S APPROVAL OF ACCOUNTING. (a) |
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This section does not apply to a trust that is under judicial |
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supervision. |
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(b) If a beneficiary does not object to a trustee's |
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accounting before the 180th day after the date a copy of the |
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accounting has been delivered to the last known address of the |
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beneficiary: |
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(1) the beneficiary is considered to have approved the |
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accounting; and |
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(2) absent fraud, intentional misrepresentation, or |
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material omission, the trustee is released from liability relating |
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to all matters in the accounting. |
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SECTION 2. Section 113.153, Property Code, as added by this |
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Act, applies only to an accounting delivered on or after the |
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effective date of this Act. |
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SECTION 3. This Act takes effect September 1, 2021. |