Texas Property Code Title 9, Chapter 121 - Employees' Trusts

SUBCHAPTER A PENSION TRUSTS

• Texas Section 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...
• Texas Section 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...
• Texas Section 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....
• Texas Section 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...

SUBCHAPTER B DEATH BENEFITS UNDER EMPLOYEES' TRUSTS

• Texas Section 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...
• Texas Section 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,...
• Texas Section 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...
• Texas Section 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...
• Texas Section 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...
• Texas Section 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...
• Texas Section 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,...
• Texas Section 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...
• Texas Section 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...

Last modified: September 28, 2016