Texas Estates Code 113.001 – General Definitions
Terms Used In Texas Estates Code 113.001
- Charitable organization: means :
(1) a nonprofit corporation, trust, community chest, fund, foundation, or other entity that is:
(A) exempt from federal income tax under Section 501(a), Internal Revenue Code of 1986, by being described by Section 501(c)(3) of that code; and
(B) organized and operated exclusively for:
(i) religious, charitable, scientific, educational, or literary purposes;
(ii) testing for public safety;
(iii) preventing cruelty to children or animals; or
(iv) promoting amateur sports competition; or
(2) any other entity that is organized and operated exclusively for the purposes listed in Section 501(c)(3), Internal Revenue Code of 1986. See Texas Estates Code 22.003 - Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Court: means and includes:
(1) a county court in the exercise of its probate jurisdiction;
(2) a court created by statute and authorized to exercise original probate jurisdiction; and
(3) a district court exercising original probate jurisdiction in a contested matter. See Texas Estates Code 22.007 - Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Person: includes a natural person and a corporation. See Texas Estates Code 22.027
- Property: means real and personal property. See Texas Government Code 311.005
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
In this chapter:
(1) “Account” means a contract of deposit of funds or securities between a depositor and a financial institution. The term includes:
(A) an account with cash deposits, including a checking account, savings account, certificate of deposit, and share account;
(B) an account holding securities, including stocks, bonds, and mutual funds; and
(C) another similar arrangement.
(2) “Beneficiary” means a person or trustee of an express trust evidenced by a writing who is named in a trust account as a person for whom a party to the account is named as trustee.
(2-a) “Charitable organization” means any corporation, community chest, fund, or foundation that is exempt from federal income tax under Section 501(a) of the Internal Revenue Code of 1986 by being listed as an exempt organization in Section 501(c)(3) of that code.
(2-b) “Express trust” has the meaning assigned by § 111.004, Property Code.
(3) “Financial institution” means an organization authorized to do business under state or federal laws relating to financial institutions. The term includes a bank or trust company, savings bank, building and loan association, savings and loan company or association, credit union, and brokerage firm that deals in the sale and purchase of stocks, bonds, and other types of securities.
(4) “Payment” of sums on deposit includes a withdrawal, a payment on a check or other directive of a party, and a pledge of sums on deposit by a party and any set-off, or reduction or other disposition of all or part of an account under a pledge.
(5) “P.O.D. payee” means a person, trustee of an express trust evidenced by a writing, or charitable organization designated on a P.O.D. account as a person to whom the account is payable on request after the death of one or more persons.
(6) “Proof of death” includes:
(A) a certified copy of a death certificate; or
(B) a judgment or order of a court in a proceeding in which the death of a person is proved to the satisfaction of the court by circumstantial evidence in accordance with Chapter 454.
(7) “Request” means a proper request for withdrawal, or a check or order for payment, that complies with all conditions of the account, including special requirements concerning necessary signatures and regulations of the financial institution. If a financial institution conditions withdrawal or payment on advance notice, for purposes of this chapter a request for withdrawal or payment is treated as immediately effective and a notice of intent to withdraw is treated as a request for withdrawal.
(8) “Sums on deposit” means the balance payable or transferable on a multiple-party account including cash, interest, dividends, any type of securities, including stocks, bonds, and mutual funds, and any deposit of life insurance proceeds added to the account by reason of the death of a party.
(9) “Withdrawal” includes payment to a third person in accordance with a check or other directive of a party.