Tex. Prop. Code § 240.0501

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 240.0501 - Definition

In this subchapter, "future interest" means an interest that:

(1) takes effect in possession or enjoyment, if at all, later than the time at which the instrument creating the interest becomes irrevocable; and

(2) passes to the holder of the interest at the time of the event that causes the taker of the interest to be finally ascertained and the interest to be indefeasibly vested.

Tex. Prop. Code § 240.0501

Added by Acts 2015, Texas Acts of the 84th Leg. - Regular Session, ch. 562,Sec. 15, eff. 9/1/2015.