Bill Text: TX HB1813 | 2011-2012 | 82nd Legislature | Comm Sub
Bill Title: Relating to the beneficiaries of a trust who are entitled to demand an accounting from the trustee.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-05-04 - Postponed [HB1813 Detail]
Download: Texas-2011-HB1813-Comm_Sub.html
82R17072 AJA-D | |||
By: Phillips | H.B. No. 1813 | ||
Substitute the following for H.B. No. 1813: | |||
By: Quintanilla | C.S.H.B. No. 1813 |
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relating to the beneficiaries of a trust who are entitled to demand | ||
an accounting from the trustee. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 113.151(a), Property Code, is amended to | ||
read as follows: | ||
(a) A beneficiary, including a person whose right to benefit | ||
from the trust is contingent, regardless of whether the right to | ||
benefit from the trust is presently vested, by written demand may | ||
request the trustee to deliver to each beneficiary of the trust a | ||
written statement of accounts covering all transactions since the | ||
last accounting or since the creation of the trust, whichever is | ||
later. If the trustee fails or refuses to deliver the statement on | ||
or before the 90th day after the date the trustee receives the | ||
demand or after a longer period ordered by a court, any beneficiary | ||
of the trust may file suit to compel the trustee to deliver the | ||
statement to all beneficiaries of the trust. The court may require | ||
the trustee to deliver a written statement of account to all | ||
beneficiaries on finding that the nature of the beneficiary's | ||
interest in the trust or the effect of the administration of the | ||
trust on the beneficiary's interest is sufficient to require an | ||
accounting by the trustee. However, the trustee is not obligated or | ||
required to account to the beneficiaries of a trust more frequently | ||
than once every 12 months unless a more frequent accounting is | ||
required by the court. If a beneficiary is successful in the suit | ||
to compel a statement under this section, the court may, in its | ||
discretion, award all or part of the costs of court and all of the | ||
suing beneficiary's reasonable and necessary attorney's fees and | ||
costs against the trustee in the trustee's individual capacity or | ||
in the trustee's capacity as trustee. | ||
SECTION 2. This Act takes effect September 1, 2011. |