Texas Property Code

§ 240.0501 — DEFINITION

PR § 240.0501Title 13. DISCLAIMER OF PROPERTY INTERESTS · Ch. 240. TEXAS UNIFORM DISCLAIMER OF PROPERTY INTERESTS ACT · Art. B. TYPE AND EFFECT OF DISCLAIMER

Statute text

View on source

In this subchapter, "future interest" means an interest that:

(1)takes effect in possession or enjoyment, if at all, later than the time at which the instrument creating the interest becomes irrevocable; and

(2)passes to the holder of the interest at the time of the event that causes the taker of the interest to be finally ascertained and the interest to be indefeasibly vested.

Legislative history

Added by Acts 2015, 84th Leg., R.S., Ch. 562 (H.B. 2428), Sec. 15, eff. September 1, 2015.