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Texas Property Code - PROP § 111.0035. Default and Mandatory Rules;  Conflict Between Terms and Statute

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Except as provided by the terms of a trust and Subsection (b), this subtitle governs:

(1) the duties and powers of a trustee;

(2) relations among trustees;  and

(3) the rights and interests of a beneficiary.

(b) The terms of a trust prevail over any provision of this subtitle, except that the terms of a trust may not limit:

(1) the requirements imposed under Section 112.031;

(2) the applicability of Section 114.007 to an exculpation term of a trust;

(3) the periods of limitation for commencing a judicial proceeding regarding a trust;

(4) a trustee's duty:

(A) with regard to an irrevocable trust, to respond to a demand for accounting made under Section 113.151 if the demand is from a beneficiary who, at the time of the demand:

(i) is entitled or permitted to receive distributions from the trust;  or

(ii) would receive a distribution from the trust if the trust terminated at the time of the demand;  and

(B) to act in good faith and in accordance with the purposes of the trust;

(5) the power of a court, in the interest of justice, to take action or exercise jurisdiction, including the power to:

(A) modify, reform, or terminate a trust or take other action under Section 112.054;

(B) remove a trustee under Section 113.082;

(C) exercise jurisdiction under Section 115.001;

(D) require, dispense with, modify, or terminate a trustee's bond;

(E) adjust, deny, or order disgorgement of a trustee's compensation if the trustee commits a breach of trust;  or

(F) make an award of costs and attorney's fees under Section 114.064;  or

(6) the applicability of Section 112.038.

(c) The terms of a trust may not limit any common-law duty to keep a beneficiary of an irrevocable trust who is 25 years of age or older informed at any time during which the beneficiary:

(1) is entitled or permitted to receive distributions from the trust;  or

(2) would receive a distribution from the trust if the trust were terminated.

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Cite this article: FindLaw.com - Texas Property Code - PROP § 111.0035. Default and Mandatory Rules;  Conflict Between Terms and Statute - last updated January 01, 2024 | https://codes.findlaw.com/tx/property-code/prop-sect-111-0035/

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