Sec. 4001.301. PROFITS AFTER DEATH OF AGENT WHO IS MEMBER OF AGENCY PARTNERSHIP. On the death of an agent who is a member of an agency partnership, the surviving spouse and children, if any, of the deceased partner, or a trust for the surviving spouse and children, may share in the profits of the agency partnership during the lifetime of the surviving spouse or children, as the case may be, as provided by:
(1) a written partnership agreement; or
(2) in the absence of a written agreement, an agreement by the surviving partner or partners and the surviving spouse, the trustee, and the legal representative of the surviving children.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.
Structure Texas Statutes
Title 13 - Regulation of Professionals
Subtitle A - General Provisions
Chapter 4001 - Agent Licensing in General
Subchapter G. Other Persons Who May Share in Profits of Agency
Section 4001.301. Profits After Death of Agent Who Is Member of Agency Partnership
Section 4001.302. Profits After Death of Agent Who Is Sole Proprietor
Section 4001.303. Profits After Death of Shareholder of Corporate Agency
Section 4001.304. Transfer of Interest in Agency by Agent Who Is Sole Proprietor
Section 4001.305. Transfer of Interest in Agency by Shareholder of Corporate Agency