116.164 – INSURANCE POLICIES AND SIMILAR CONTRACTS. (a)
Texas Property Code § 116.164
Summary
This law mandates how a trustee should handle proceeds from life insurance policies or similar contracts when the trust is the beneficiary. It specifies that proceeds go to the principal, while dividends from these policies are allocated to income if premiums were paid from income.
Trustee allocates life insurance proceeds to principal.
Dividends from policies go to income if premiums are paid from income.
Applies to trusts named as beneficiaries in insurance contracts.
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In simple terms: Learn about Texas's INSURANCE POLICIES AND SIMILAR CONTRACTS. (a) law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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