Texas Estates Code

§ 255.252 — INCREASE IN SECURITIES; ACCESSIONS

ES § 255.252Title 2. ESTATES OF DECEDENTS; DURABLE POWERS OF ATTORNEY · Part F. WILLS · Ch. 255. CONSTRUCTION AND INTERPRETATION OF WILLS · Art. F. DEVISE OF SECURITIES

Statute text

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Unless the will of a testator clearly provides otherwise, a devise of securities that are owned by the testator on the date the will is executed includes the following additional securities subsequently acquired by the testator as a result of the testator's ownership of the devised securities:

(1)securities of the same organization acquired because of an action initiated by the organization or any successor, related, or acquiring organization, including stock splits, stock dividends, and new issues of stock acquired in a reorganization, redemption, or exchange, other than securities acquired through the exercise of purchase options or through a plan of reinvestment; and

(2)securities of another organization acquired as a result of a merger, consolidation, reorganization, or other distribution by the organization or any successor, related, or acquiring organization, including stock splits, stock dividends, and new issues of stock acquired in a reorganization, redemption, or exchange, other than securities acquired through the exercise of purchase options or through a plan of reinvestment.

Legislative history

Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502), Sec. 1, eff. January 1, 2014.