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Texas Property Code - PROP § 240.056. Disclaimer of Power Held in Fiduciary Capacity

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

(a) If a person designated to serve or serving as a fiduciary disclaims a power held or to be held in a fiduciary capacity that has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable.

(b) If a person designated to serve or serving as a fiduciary disclaims a power held or to be held in a fiduciary capacity that has been exercised, the disclaimer takes effect immediately after the last exercise of the power.

(c) A disclaimer subject to this section is effective as to another person designated to serve or serving as a fiduciary if:

(1) the disclaimer provides that it is effective as to another person designated to serve or serving as a fiduciary;  and

(2) the person disclaiming has the authority to bind the estate, trust, or other person for whom the person is acting.

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Cite this article: FindLaw.com - Texas Property Code - PROP § 240.056. Disclaimer of Power Held in Fiduciary Capacity - last updated January 01, 2024 | https://codes.findlaw.com/tx/property-code/prop-sect-240-056/

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