Texas § PR.181.001 - DEFINITIONS

§ PR.181.001. DEFINITIONS

DEFINITIONS. In this chapter: (1) "Donee" means a person, whether or not a resident of this state, who, either alone or in conjunction with others, may exercise a power. (1-a) "Object of the power of appointment" means a person to whom the donee is given the power to appoint. (2) "Power" means the authority to appoint or designate the recipient of property, to invade or consume property, to alter, amend, or revoke an instrument under which an estate or trust is created or held, and to terminate a right or interest under an estate or trust, and any authority remaining after a partial release of a power. (3) "Property" means all property and interests in property, real or personal, including parts of property, partial interests, and all or any part of the income from property. (4) "Release" means a renunciation, relinquishment, surrender, refusal to accept, extinguishment, and any other form of release, including a covenant not to exercise all or part of a power. Acts 1983, 68th Leg., p. 3723, ch. 576, Sec. 1, eff. Jan. 1, 1984. Amended by Acts 2003, 78th Leg., ch. 551, Sec. 1, eff. Sept. 1, 2003.