Sec. 4001.302. PROFITS AFTER DEATH OF AGENT WHO IS SOLE PROPRIETOR. (a) On the death of an agent who is a sole proprietor, unless otherwise provided by the probated will of the deceased agent, the surviving spouse and children, if any, of the deceased agent, or a trust for the surviving spouse or children, may share in the profits of the agency business of the deceased agent during the lifetime of the surviving spouse and children if the agency business is continued by an agent.
(b) The surviving spouse and children or trust is not required to qualify as an agent to share in the profits of the agency but may not perform an act of an agent in connection with the agency business without first being licensed as an agent.
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