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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 trustee that is required to file |
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regular accountings with a court by: |
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(1) the terms of the trust; or |
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(2) a separate court order. |
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(b) If a beneficiary, or the beneficiary's guardian if |
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applicable, does not object, in writing to the trustee or a court, |
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to an accounting made under this subchapter before the 180th day |
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after the date a copy of the accounting has been delivered to the |
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last known address of the 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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(c) This section may not be construed to require a trustee |
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to deliver an accounting to a beneficiary. |
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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, 2023. |