reglab/housing_qa huggingface dataset:
TX Prop § 116.203 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter E. Allocation of Disbursements During Administration of Trust|Section 116.203. Transfers From Income to Principal for Depreciation

Sec. 116.203.  TRANSFERS FROM INCOME TO PRINCIPAL FOR DEPRECIATION.  (a)  In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.(b)  A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:(1)  of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;(2)  during the administration of a decedent's estate;  or(3)  under this section if the trustee is accounting under Section 116.153 for the business or activity in which the asset is used.(c)  An amount transferred to principal need not be held as a separate fund.|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.|
TX Prop § 116.204 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter E. Allocation of Disbursements During Administration of Trust|Section 116.204. Transfers From Income to Reimburse Principal

Sec. 116.204.  TRANSFERS FROM INCOME TO REIMBURSE PRINCIPAL.  (a)  If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.(b)  Principal disbursements to which Subsection (a) applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party:(1)  an amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;(2)  a capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments;(3)  disbursements made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions;(4)  periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments;  and(5)  disbursements described in Section 116.202(a)(7).(c)  If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in Subsection (a).|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.|
TX Prop § 116.205 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter E. Allocation of Disbursements During Administration of Trust|Section 116.205. Income Taxes

Sec. 116.205.  INCOME TAXES.  (a)  A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.(b)  A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.(c)  A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid:(1)  from income to the extent that receipts from the entity are allocated only to income;(2)  from principal to the extent that  receipts from the entity are allocated only to principal;(3)  proportionately from principal and income to the extent that receipts from the entity are allocated to both principal and income; and(4)  from principal to the extent that the tax exceeds the total receipts from the entity.(d)  After applying the other provisions of this section, the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary.|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 657 (S.B. 1197), Sec. 8, eff. September 1, 2011.|
TX Prop § 116.206 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter E. Allocation of Disbursements During Administration of Trust|Section 116.206. Adjustments Between Principal and Income Because of Taxes

Sec. 116.206.  ADJUSTMENTS BETWEEN PRINCIPAL AND INCOME BECAUSE OF TAXES.  (a)  A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from:(1)  elections and decisions, other than those described in Subsection (b), that the fiduciary makes from time to time regarding tax matters;(2)  an income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust;  or(3)  the ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or a beneficiary.(b)  If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid.  The total reimbursement must equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment.  The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax.  An estate or trust shall reimburse principal from income.|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.|
TX Prop § 121.001 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle C - Miscellaneous Trusts|Chapter 121 - Employees' Trusts|Subchapter A. Pension Trusts|Section 121.001. Pension Trusts

Sec. 121.001.  PENSION TRUSTS.  (a)  For the purposes of this subchapter, a pension trust is an express trust:(1)  containing or relating to property;(2)  created by an employer as part of a stock-bonus plan, pension plan, disability or death benefit plan, or profit-sharing plan for the benefit of some or all of the employer's employees;(3)  to which contributions are made by the employer, by some or all of the employees, or by both;  and(4)  created for the principal purpose of distributing to the employees, or the successor to their beneficial interest in the trust, the principal or income, or both, of the property held in trust.(b)  This subchapter applies to a pension trust regardless of when the trust was created.|Acts 1983, 68th Leg., p. 3691, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 121.002 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle C - Miscellaneous Trusts|Chapter 121 - Employees' Trusts|Subchapter A. Pension Trusts|Section 121.002. Employees of Controlled Corporations

Sec. 121.002.  EMPLOYEES OF CONTROLLED CORPORATIONS.  For the purposes of this subchapter, the relationship of employer and employee exists between a corporation and its own employees, and between a corporation and the employees of each other corporation that it controls, by which it is controlled, or with which it is under common control through the exercise by one or more persons of a majority of voting rights in one or more corporations.|Acts 1983, 68th Leg., p. 3691, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 121.003 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle C - Miscellaneous Trusts|Chapter 121 - Employees' Trusts|Subchapter A. Pension Trusts|Section 121.003. Application of Texas Trust Code

Sec. 121.003.  APPLICATION OF TEXAS TRUST CODE.  The Texas Trust Code (Chapters 111 through 117) applies to a pension trust.|Acts 1983, 68th Leg., p. 3691, ch. 576, Sec. 1, eff. Jan. 1, 1984.Amended by: Acts 2005, 79th Leg., Ch. 148 (H.B. 1190), Sec. 27, eff. January 1, 2006.|
TX Prop § 121.004 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle C - Miscellaneous Trusts|Chapter 121 - Employees' Trusts|Subchapter A. Pension Trusts|Section 121.004. Rule Against Perpetuities

Sec. 121.004.  RULE AGAINST PERPETUITIES.  A pension trust may continue for as long as is necessary to accomplish the purposes of the trust and is not invalid under the rule against perpetuities or any other law restricting or limiting the duration of a trust.|Acts 1983, 68th Leg., p. 3691, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 121.005 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle C - Miscellaneous Trusts|Chapter 121 - Employees' Trusts|Subchapter A. Pension Trusts|Section 121.005. Accumulation of Income

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 1983, 68th Leg., p. 3692, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 121.051 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle C - Miscellaneous Trusts|Chapter 121 - Employees' Trusts|Subchapter B. Death Benefits Under Employees' Trusts|Section 121.051. Definitions

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' trust or a retirement account, or a retirement-annuity contract that is payable because of an employee's, participant's, or beneficiary's death to or for the benefit of the employee's, participant's, or beneficiary's beneficiary.(2)  "Employee" means a person covered by an employees' trust or a retirement account that provides a death benefit or a person whose interest in an employees' trust or a retirement account has not been fully distributed.(3)  "Employees' trust" means:(A)  a trust forming a part of a stock-bonus, pension, or profit-sharing plan under Section 401, Internal Revenue Code of 1954 (26 U.S.C.A. Sec. 401 (1986));(B)  a pension trust under Chapter 111;  and(C)  an employer-sponsored benefit plan or program, or any other retirement savings arrangement, including a pension plan created under Section 3, Employee Retirement Income Security Act of 1974 (29 U.S.C.A. Sec. 1002 (1986)), regardless of whether the plan, program, or arrangement is funded through a trust.(4)  "Individual retirement account" means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C.A. Sec. 408 (1986)).(5)  "Participant" means a person covered by an employees' trust or a retirement account that provides a death benefit or a person whose interest in an employees' trust or a retirement account has not been fully distributed.(6)  "Retirement account" means a retirement-annuity contract, an individual retirement account, a simplified employee pension, or any other retirement savings arrangement.(7)  "Retirement-annuity contract" means an annuity contract under Section 403, Internal Revenue Code of 1954 (26 U.S.C.A. Sec. 403 (1986)).(8)  "Simplified employee pension" means a trust, custodial arrangement, or annuity under Section 408, Internal Revenue Code of 1954 (26 U.S.C.A. Sec. 408 (1986)).(9)  "Trust" and "trustee" have the meanings assigned by the Texas Trust Code (Chapters 111 through 115), except that "trust" includes any trust, regardless of when it is created.(b)  References to specific provisions of the Internal Revenue Code of 1954 (26 U.S.C.A.) include corresponding provisions of any subsequent federal tax laws.|Acts 1983, 68th Leg., p. 3692, ch. 576, Sec. 1, eff. Jan. 1, 1984.  Amended by Acts 1987, 70th Leg., ch. 741, Sec. 3, eff. Aug. 31, 1987.|
TX Prop § 121.052 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle C - Miscellaneous Trusts|Chapter 121 - Employees' Trusts|Subchapter B. Death Benefits Under Employees' Trusts|Section 121.052. Payment of Death Benefit to Trustee

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 created under an employee's or participant's will, if the trustee is designated as beneficiary under the plan containing the employees' trust or under the retirement account.(b)  A trustee of a testamentary trust may be designated under Subsection (a) prior to the execution of the will.(c)  A death benefit under a will is not payable until the will is probated.(d)  The trustee shall hold, administer, and dispose of a death benefit payable under this section in accordance with the terms of the trust on the date of the employee's death.(e)  A death benefit is payable to a trustee of a trust created by the will of a person other than the employee if:(1)  the will has been probated at the time of the employee's death;  and(2)  the death benefit is payable to the trustee to be held, administered, and disposed of in accordance with the terms of the testamentary trust.|Acts 1983, 68th Leg., p. 3693, ch. 576, Sec. 1, eff. Jan. 1, 1984.  Amended by Acts 1987, 70th Leg., ch. 741, Sec. 4, eff. Aug. 31, 1987.|
TX Prop § 121.053 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle C - Miscellaneous Trusts|Chapter 121 - Employees' Trusts|Subchapter B. Death Benefits Under Employees' Trusts|Section 121.053. Validity of Trust Declaration

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 another beneficiary of the death benefit;  or(3)  the existence of authority to amend, modify, revoke, or terminate the agreement or declaration.|Acts 1983, 68th Leg., p. 3693, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 121.054 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle C - Miscellaneous Trusts|Chapter 121 - Employees' Trusts|Subchapter B. Death Benefits Under Employees' Trusts|Section 121.054. Unclaimed Benefits

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, contract purchased by the employees' trust, or the retirement account before the first anniversary of the employee's or participant's death that there is or will be no trustee to receive the death benefit, the death benefit shall be paid:(1)  according to the beneficiary designation under the plan, trust, contract, or arrangement providing the death benefit under the employees' trust or retirement account;  or(2)  if there is no designation in the employees' trust or retirement account, to the personal representative of the deceased employee's or participant's estate.|Acts 1983, 68th Leg., p. 3693, ch. 576, Sec. 1, eff. Jan. 1, 1984.  Amended by Acts 1987, 70th Leg., ch. 741, Sec. 5, eff. Aug. 31, 1987.|
TX Prop § 121.055 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle C - Miscellaneous Trusts|Chapter 121 - Employees' Trusts|Subchapter B. Death Benefits Under Employees' Trusts|Section 121.055. Exemption From Taxes and Debts

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 employee or the employee's estate, or to other charges enforceable against the estate;  or(3)  subject to the payment of taxes enforceable against the deceased employee's estate to a greater extent than if the death benefit is payable, free of trust, to a beneficiary other than the executor or administrator of the estate of the employee.|Acts 1983, 68th Leg., p. 3694, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 121.056 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle C - Miscellaneous Trusts|Chapter 121 - Employees' Trusts|Subchapter B. Death Benefits Under Employees' Trusts|Section 121.056. Commingling of Assets

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. 1, eff. Jan. 1, 1984.|
TX Prop § 121.057 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle C - Miscellaneous Trusts|Chapter 121 - Employees' Trusts|Subchapter B. Death Benefits Under Employees' Trusts|Section 121.057. Prior Designations Not Affected

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, 1984.|
TX Prop § 121.058 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle C - Miscellaneous Trusts|Chapter 121 - Employees' Trusts|Subchapter B. Death Benefits Under Employees' Trusts|Section 121.058. Construction

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 obligations of the employee or the employee's estate unless the trust receiving the benefit expressly provides otherwise.(c)  A death benefit shall not be included in property administered as part of a testator's estate or in an inventory filed with the county court because of a reference in a will to the death benefit or because of the naming of the trustee of a testamentary trust.|Acts 1983, 68th Leg., p. 3694, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 161.001 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle B - Fiduciaries|Chapter 161 - Management and Control of Securities|Subchapter A. General Provisions|Section 161.001. Definitions

Sec. 161.001.  DEFINITIONS.  In this chapter:(1)  "Fiduciary" means an executor, administrator, or trustee of an express trust, including a corporation or a natural person acting as fiduciary, and a successor or substitute, whether or not designated in a trust instrument.(2)  "Clearing corporation" has the meaning assigned by Section 8.102, Business & Commerce Code, as amended.|Acts 1983, 68th Leg., p. 3715, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 161.002 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle B - Fiduciaries|Chapter 161 - Management and Control of Securities|Subchapter A. General Provisions|Section 161.002. Decree or Governing Instrument Controls

Sec. 161.002.  DECREE OR GOVERNING INSTRUMENT CONTROLS.  The authority granted in this chapter is subject to contrary or limiting provisions in the instrument or court order appointing the fiduciary of the securities or in a subsequent court order.|Acts 1983, 68th Leg., p. 3715, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 161.021 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle B - Fiduciaries|Chapter 161 - Management and Control of Securities|Subchapter B. Custodian of Securities|Section 161.021. Authority of Fiduciary

Sec. 161.021.  AUTHORITY OF FIDUCIARY.  A fiduciary who holds a security in a fiduciary capacity may:(1)  employ a bank incorporated in this state or a national bank located in this state as custodian of the security;  and(2)  whether the fiduciary is an individual or a bank and if any individual who is a cofiduciary with the bank consents, authorize the security to be registered and held in the name of a nominee of the bank without disclosing the fiduciary relationship.|Acts 1983, 68th Leg., p. 3716, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 161.022 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle B - Fiduciaries|Chapter 161 - Management and Control of Securities|Subchapter B. Custodian of Securities|Section 161.022. Separate Assets

Sec. 161.022.  SEPARATE ASSETS.  (a)  A bank holding a security under this subchapter, whether in registered or bearer form, at all times shall keep the security separate from the bank's assets.  The bank may:(1)  hold separately the certificates representing securities that periodically comprise the assets of a particular fiduciary account from those of all other accounts;  or(2)  without certification as to ownership attached, hold in bulk certificates representing the same class of securities of the same issuer that periodically comprise the assets of different fiduciary accounts and, to the extent feasible, merge certificates of small denomination into one or more certificates of large denomination.(b)  A bank that holds security certificates in bulk is subject to the regulations issued by the Finance Commission of Texas if the bank is chartered by this state or by the comptroller of the currency if the bank is a national banking association.|Acts 1983, 68th Leg., p. 3716, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 161.023 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle B - Fiduciaries|Chapter 161 - Management and Control of Securities|Subchapter B. Custodian of Securities|Section 161.023. Expense of Custodianship

Sec. 161.023.  EXPENSE OF CUSTODIANSHIP.  Unless the fiduciary is a corporation, the cost of employing a bank as a custodian of securities under this subchapter is a charge against the estate or trust.|Acts 1983, 68th Leg., p. 3716, ch. 576, Sec. 1, eff. Jan. 1, 1984.|
TX Prop § 161.024 (2021)
2021 Texas Statutes|Property Code|Title 10 - Miscellaneous Beneficial Property Interests|Subtitle B - Fiduciaries|Chapter 161 - Management and Control of Securities|Subchapter B. Custodian of Securities|Section 161.024. Records

Sec. 161.024.  RECORDS.  A bank holding a security under Section 161.021, whether in registered or bearer form, at all times shall keep records showing the ownership of the security.|Acts 1983, 68th Leg., p. 3716, ch. 576, Sec. 1, eff. Jan. 1, 1984.|