Texas Property Code 123.001 – Definitions
Terms Used In Texas Property Code 123.001
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Executor: A male person named in a will to carry out the decedent
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Inter vivos: Transfer of property from one living person to another living person.
- Probate: Proving a will
- Property: means real and personal property. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
In this chapter:
(1) “Charitable entity” means a corporation, trust, community chest, fund, foundation, or other entity organized for scientific, educational, philanthropic, or environmental purposes, social welfare, the arts and humanities, or another civic or public purpose described by Section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. § 501(c)(3)).
(2) “Charitable trust” means a charitable entity, a trust the stated purpose of which is to benefit a charitable entity, or an inter vivos or testamentary gift to a charitable entity.
(3) “Proceeding involving a charitable trust” means a suit or other judicial proceeding the object of which is to:
(A) terminate a charitable trust or distribute its assets to other than charitable donees;
(B) depart from the objects of the charitable trust stated in the instrument creating the trust, including a proceeding in which the doctrine of cy-pres is invoked;
(C) construe, nullify, or impair the provisions of a testamentary or other instrument creating or affecting a charitable trust;
(D) contest or set aside the probate of an alleged will under which money, property, or another thing of value is given for charitable purposes;
(E) allow a charitable trust to contest or set aside the probate of an alleged will;
(F) determine matters relating to the probate and administration of an estate involving a charitable trust; or
(G) obtain a declaratory judgment involving a charitable trust.
(4) “Fiduciary or managerial agent” means an individual, corporation, or other entity acting either as a trustee, a member of the board of directors, an officer, an executor, or an administrator for a charitable trust.