Texas Property Code

§ 112.071 — DEFINITIONS

PR § 112.071Title 9. TRUSTS · Part B. TEXAS TRUST CODE: CREATION, OPERATION, AND TERMINATION OF TRUSTS · Ch. 112. CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUSTS · Art. D. DISTRIBUTION OF TRUST PRINCIPAL IN FURTHER TRUST

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In this subchapter:

(1)"Authorized trustee" means a person, other than the settlor, who has authority under the terms of a first trust to distribute the principal of the trust to or for the benefit of one or more current beneficiaries.

(2)"Charity" means a charitable entity or a charitable trust, as those terms are defined by Section 123.001.

(3)"Current beneficiary," with respect to a particular date, means a person who is receiving or is eligible to receive a distribution of income or principal from a trust on that date.

(4)"First trust" means an existing irrevocable inter vivos or testamentary trust all or part of the principal of which is distributed in further trust under Section 112.072 or 112.073.

(5)"Full discretion" means a power to distribute principal to or for the benefit of one or more of the beneficiaries of a trust that is not a trust with limited discretion.

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Legislative history

Acts 2017, 85th Leg., R.S., Ch. 62 (S.B. 617), Sec. 7, eff. September 1, 2017.