Texas Property Code

§ 112.123 — APPLICATION OR DISTRIBUTION OF TRUST PROPERTY

PR § 112.123Title 9. TRUSTS · Part B. TEXAS TRUST CODE: CREATION, OPERATION, AND TERMINATION OF TRUSTS · Ch. 112. CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUSTS · Art. F. NONCHARITABLE TRUST WITHOUT ASCERTAINABLE BENEFICIARY

Statute text

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(a)Property of a trust created under this subchapter may be applied only to the intended purpose of the trust, except to the extent that a court finds that the value of the trust property exceeds the amount required for the intended purpose of the trust.

(b)Except as provided by the terms of the trust, property found by a court not to be required for the trust's intended purpose shall be distributed:

(1)as provided by the terms of the trust; or

(2)if the trust does not provide for the distribution of such property, to the settlor if then living or to the settlor's successors in interest.

Legislative history

Added by Acts 2023, 88th Leg., R.S., Ch. 1121 (H.B. 2333), Sec. 2, eff. June 18, 2023.