§ 240.056 — DISCLAIMER OF POWER HELD IN FIDUCIARY CAPACITY.

Texas § 240.056

• Jurisdiction: Texas
• Code PR: Property Code

Text

Sec. 240.056. DISCLAIMER OF POWER HELD IN FIDUCIARY CAPACITY. (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.

Legislative History

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