Texas Statutes (Last Updated: January 4, 2014)

Sec. 37C. SATISFACTION OF DEVISE

Latest version.

(a) Property given to a person by a testator during the testator's lifetime is considered a satisfaction, either wholly or partly, of a devise to the person if:
(1) the testator's will provides for deduction of the lifetime gift;
(2) the testator declares in a contemporaneous writing that the lifetime gift is to be deducted from or is in satisfaction of the devise; or
(3) the devisee acknowledges in writing that the lifetime gift is in satisfaction of the devise.
(b) Property given in partial satisfaction of a devise shall be valued as of the earlier of the date on which the devisee acquires possession of or enjoys the property or the date on which the testator dies.

Added by Acts 2003, 78th Leg., ch. 1060, Sec. 7, eff. Sept. 1, 2003.

                    
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