79th Texas Legislature, Regular Session, House Bill 1190, Chapter 148 Page: 3 of 25
This legislative document is part of the collection entitled: Texas Laws and Resolutions Archive and was provided to The Portal to Texas History by the UNT Libraries Government Documents Department.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
H.B. No. 1190
1 (D) require, dispense with, modify, or terminate
2 a trustee's bond; or
3 (E) adjust or deny a trustee's compensation if
4 the trustee commits a breach of trust.
5 SECTION 3. Section 111.004, Property Code, is amended by
6 amending Subdivision (14) and adding Subdivision (25) to read as
7 follows:
8 (14) "Settlor" means a [the] person who creates a
9 trust or contributes property to a trustee of a [the] trust. If
10 more than one person contributes property to a trustee of a trust,
11 each person is a settlor of the portion of the property in the trust
12 attributable to that person's contribution to the trust. The terms
13 "grantor" and "trustor" mean the same as "settlor."
14 (25) "Breach of trust" means a violation by a trustee
15 of a duty the trustee owes to a beneficiary.
16 SECTION 4. Section 112.009(a), Property Code, is amended to
17 read as follows:
18 (a) The signature of the person named as trustee on the
19 writing evidencing the trust or on a separate written acceptance is
20 conclusive evidence that the person accepted the trust. A person
21 named as trustee who exercises power or performs duties under the
22 trust is presumed to have accepted the trust, except that a person
23 named as trustee may engage in the following conduct without
24 accepting the trust:
25 (1) acting to preserve the trust property if, within a
26 reasonable time after acting, the person gives notice of the
27 rejection of the trust to:3
Upcoming Pages
Here’s what’s next.
Search Inside
This document can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Legislative Document.
Texas. Legislature. House of Representatives. 79th Texas Legislature, Regular Session, House Bill 1190, Chapter 148, legislative document, May 24, 2005; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth156445/m1/3/: accessed April 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.