Texas Estates Code

§ 111.051 — DEFINITIONS

ES § 111.051Title 2. ESTATES OF DECEDENTS; DURABLE POWERS OF ATTORNEY · Part C. PASSAGE OF TITLE AND DISTRIBUTION OF DECEDENTS' PROPERTY IN GENERAL · Ch. 111. NONPROBATE ASSETS IN GENERAL · Art. B. OTHER PROVISIONS FOR PAYMENT OR TRANSFER

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In this subchapter:

(1)"Contracting third party" means a financial institution, insurance company, plan custodian, plan administrator, or other person who is a party to an account agreement, insurance contract, annuity contract, retirement account, beneficiary designation, or other similar contract the terms of which control whether a nontestamentary transfer has occurred or to whom property passes as a result of a possible nontestamentary transfer. The term does not include a person who is:

(A)an owner of the property subject to a possible nontestamentary transfer; or

(B)a possible recipient of the property subject to a possible nontestamentary transfer. (1-a) "Employees' trust" means:

(A)a trust that forms a part of a stock-bonus, pension, or profit-sharing plan under Section 401, Internal Revenue Code of 1954 (26 U.S.C. Section 401 (1986));

(B)a pension trust under Chapter 111, Property Code; and

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Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 1136 (H.B. 2912), Sec. 9, eff. January 1, 2014.