Consideration is not required for the creation of a trust. A promise to create a trust in the future is enforceable only if the requirements for an enforceable contract are present.
Tex. Prop. Code § 112.003
CONSIDERATION
Known as the Texas Trust Code
The act spans §§ 111.001 to 116.206 (165 sections).
Applied in 1 court decision — leading case Occidental Petroleum v. Wells Fargo (2024)
Most recently applied in Occidental Petroleum v. Wells Fargo (September 2024)
Amended by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, Sec. 2, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.