Title PR, Property Code

Sec. 121.005. ACCUMULATION OF INCOME. Notwithstanding any law limiting the time during which trust income may be accumulated, the income of a pension trust may be accumulated under the terms of the trust for as long as is necessary to accomplish the purposes of the trust. Acts 19…

Sec. 121.051. DEFINITIONS. (a) In this subchapter: (1) "Death benefit" means a benefit of any kind, including the proceeds of a life insurance policy or any other payment, in cash or property, under an employees' trust or a retirement account, a contract purchased by an employees…

Sec. 121.052. PAYMENT OF DEATH BENEFIT TO TRUSTEE. (a) A death benefit is payable to a trustee of a trust evidenced by a written instrument or declaration existing on the date of an employee's or participant's death, or to a trustee named or to be named as trustee of a trust crea…

Sec. 121.053. VALIDITY OF TRUST DECLARATION. The validity of a trust agreement or declaration is not affected by: (1) the absence of a corpus other than the right of the trustee to receive a death benefit as beneficiary; (2) the employee's reservation of the right to designate an…

Sec. 121.054. UNCLAIMED BENEFITS. If a trustee does not claim a death benefit on or before the first anniversary of the employee's or participant's death or if satisfactory evidence is provided to a trustee, custodian, other fiduciary, or other obligor of the employees' trust, co…

Sec. 121.055. EXEMPTION FROM TAXES AND DEBTS. Unless the trust agreement, declaration of trust, or will provides otherwise, a death benefit payable to a trustee under this subchapter is not: (1) part of the deceased employee's estate; (2) subject to the debts of the deceased empl…

Sec. 121.056. COMMINGLING OF ASSETS. A trustee who receives a death benefit under this subchapter may commingle the property with other assets accepted by the trustee and held in trust, either before or after the death benefit is received. Acts 1983, 68th Leg., p. 3694, ch. 576, …

Sec. 121.057. PRIOR DESIGNATIONS NOT AFFECTED. This subchapter does not affect the validity of a beneficiary designation made by an employee before April 3, 1975, that names a trustee as beneficiary of a death benefit. Acts 1983, 68th Leg., p. 3694, ch. 576, Sec. 1, eff. Jan. 1, …

Sec. 121.058. CONSTRUCTION. (a) This subchapter is intended to be declaratory of the common law of this state. (b) A court shall liberally construe this subchapter to effect the intent that a death benefit received by a trustee under this subchapter is not subject to the obligati…