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Texas Property Code - Chapter 121 Employees' TrustsLegal Research Home > Texas Lawyer > Property Code > Texas Property Code - Chapter 121 Employees' Trusts Sponsored Links(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 ... 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 Texas Trust Code (Chapters 111 through 117) applies to a pension trust. Acts 1983, 68th Leg., p. 3691, ch. 576, § 1, eff. Jan. ... 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 ... 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 ... (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, ... (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 ... 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 ... 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 ... 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 ... 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, ... 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 ... (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 ... Last modified: August 11, 2007 |