78th Texas Legislature, Regular Session, House Bill 2241, Chapter 659 Page: 1 of 41
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CHAPTER 659 H.B. No. 2241
AN ACT
relating to adoption of the Uniform Principal and Income Act.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle B, Title 9, Property Code, is amended by
adding Chapter 116 to read as follows:
CHAPTER 116. UNIFORM PRINCIPAL AND INCOME ACT
SUBCHAPTER A. DEFINITIONS, FIDUCIARY DUTIES, AND OTHER
MISCELLANEOUS PROVISIONS
Sec. 116.001. SHORT TITLE. This chapter may be cited as
the Uniform Principal and Income Act.
Sec. 116.002. DEFINITIONS. In this chapter:
(1) "Accountinqg eriod" means a calendar year unless
another 12-month period is selected by a fiduciary. The term
includes a portion of a calendar year or other 12-month period that
begins when an income interest begins or ends when an income
interest ends.
(2) "Beneficiary" includes, in the case of a
decedent's estate, an heir, legatee, and devisee and, in the case of
a trust, an income beneficiary and a remainder beneficiary.
(3) "Fiduciary" means a personal representative or a
trustee. The term includes an executor, administrator, successor
personal representative, special administrator, and a person
performing substantially the same function.
(4) "Income" means money or property that a fiduciary
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Texas. Legislature. House of Representatives. 78th Texas Legislature, Regular Session, House Bill 2241, Chapter 659, legislative document, June 20, 2003; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth158407/m1/1/: accessed March 28, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.