Sec. 111.054. APPLICATION OF STATE LAW TO CERTAIN NONTESTAMENTARY TRANSFERS. (a) This section applies if more than 50 percent of the:
(1) assets in an account at a financial institution, in a retirement account, or in another similar arrangement are owned, immediately before a possible nontestamentary transfer of the assets, by one or more persons domiciled in this state; or
(2) interests under an insurance contract, annuity contract, beneficiary designation, or other similar arrangement are owned, immediately before a possible nontestamentary transfer of the interests, by one or more persons domiciled in this state.
(b) Notwithstanding a choice of law or other contractual provision in an agreement prepared or provided by a contracting third party, Texas law applies to determine:
(1) whether a nontestamentary transfer of assets or interests described by Subsection (a) has occurred; and
(2) the ownership of the assets or interests following a possible nontestamentary transfer.
(c) Notwithstanding a choice of law or other contractual provision in an agreement prepared or provided by a contracting third party, any person, including a personal representative, who is asserting an ownership interest in assets or interests described by Subsection (a) subject to a possible nontestamentary transfer shall have access to the courts of this state for a judicial determination of:
(1) whether a nontestamentary transfer of the assets or interests has occurred; or
(2) the ownership of the assets or interests following a possible nontestamentary transfer.
(d) Subsections (a), (b), and (c) do not apply to an obligation:
(1) owed by a party to the contracting third party; or
(2) owed by the contracting third party to a party.
(e) This section applies to a community property survivorship agreement governed by Chapter 112 and a multiple-party account governed by Chapter 113.
Added by Acts 2013, 83rd Leg., R.S., Ch. 1136 (H.B. 2912), Sec. 10, eff. January 1, 2014.
Section: Previous 111.001 111.002 111.051 111.052 111.053Last modified: September 28, 2016