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AN ACT
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relating to administration of a trust with cotrustees. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 113.085(c) and (d), Property Code, are |
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amended to read as follows: |
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(c) A cotrustee shall participate in the performance of a |
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trustee's function unless the cotrustee: |
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(1) is unavailable to perform the function because of |
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absence, illness, suspension under this code or other law, |
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disqualification, if any, under this code, disqualification under |
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other law, or other temporary incapacity; or |
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(2) has delegated the performance of the function to |
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another trustee in accordance with the terms of the trust or |
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applicable law, has communicated the delegation to all other |
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cotrustees, and has filed the delegation in the records of the |
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trust. |
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(d) If a cotrustee is unavailable to participate in the |
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performance of a trustee's function for a reason described by |
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Subsection (c)(1) and prompt action is necessary to achieve the |
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efficient administration or purposes of the trust or to avoid |
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injury to the trust property or a beneficiary, the remaining |
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cotrustee or a majority of the remaining cotrustees may act for the |
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trust. |
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SECTION 2. Section 113.085, Property Code, as amended by |
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this Act, applies only to a trust existing on or after September 1, |
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2009, regardless of the date the trust was created. |
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SECTION 3. This Act takes effect September 1, 2009. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 3635 was passed by the House on May 5, |
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2009, by the following vote: Yeas 144, Nays 0, 1 present, not |
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voting; and that the House concurred in Senate amendments to H.B. |
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No. 3635 on May 29, 2009, by the following vote: Yeas 141, Nays 0, |
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1 present, not voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 3635 was passed by the Senate, with |
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amendments, on May 27, 2009, by the following vote: Yeas 31, Nays |
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0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: __________________ |
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Date |
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__________________ |
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Governor |