Texas Property Code Chapter 181 – Powers of Appointment
Current as of: 2024 | Check for updates
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| Sections | ||
|---|---|---|
| Subchapter A | General Provisions | 181.001 – 181.004 |
| Subchapter B | Release of Powers of Appointment | 181.051 – 181.058 |
| Subchapter C | Exercise of Powers of Appointment | 181.081 – 181.083 |
Terms Used In Texas Property Code Chapter 181 - Powers of Appointment
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Donee: The recipient of a gift.
- Fiduciary: A trustee, executor, or administrator.
- Grantor: The person who establishes a trust and places property into it.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Month: means a calendar month. See Texas Government Code 312.011
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.