Texas Property Code
§ 112.074 — NOTICE REQUIRED
PR § 112.074Title 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
Statute text
View on source(a)An authorized trustee may exercise a power of distribution under Section 112.072 or 112.073 without the consent of the settlor or beneficiaries of the first trust and without court approval if the trustee provides to all of the current beneficiaries and presumptive remainder beneficiaries written notice of the trustee's decision to exercise the power.
(b)For the purpose of determining who is a current beneficiary or presumptive remainder beneficiary entitled to the notice, a beneficiary is determined as of the date the notice is sent. A beneficiary includes a person entitled to receive property under the terms of the first trust.
(c)Except as provided by Subsection (e-1), in addition to the notice required under Subsection (a), the authorized trustee shall give written notice of the trustee's decision to the attorney general if:
(1)a charity is entitled to notice;
(2)a charity entitled to notice is no longer in existence;
(3)the trustee has the authority to distribute trust assets to one or more charities that are not named in the trust instrument; or
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Legislative history
Acts 2017, 85th Leg., R.S., Ch. 62 (S.B. 617), Sec. 9, eff. September 1, 2017.