S.B. No. 1940 introduces a new chapter in the Estates Code, specifically Chapter 116, which establishes a legal framework for the beneficiary designation of manufactured homes classified as personal property. This chapter allows owners to designate one or more beneficiaries to whom their interest in the manufactured home will transfer upon their death. The bill outlines definitions related to beneficiary designations, including terms such as "designated beneficiary" and "joint owner with right of survivorship." It also specifies that a beneficiary designation is revocable, does not require notice or acceptance by the beneficiaries during the owner's life, and cannot be revoked by a will.

Additionally, the bill amends existing legal definitions to include beneficiary designations for manufactured homes and introduces a new section in the Occupations Code that details the process for designating beneficiaries. This includes requirements for submitting an application for a new statement of ownership and stipulations regarding the validity of the designation. The act is set to take effect on September 1, 2025.

Statutes affected:
Introduced: Estates Code 122.001, Subchapter E, Chapter , Occupations Code 116.001 (Subchapter E, Chapter , Occupations Code 116, Estates Code 122)
Senate Committee Report: Estates Code 122.001, Subchapter E, Chapter , Occupations Code 116.001 (Subchapter E, Chapter , Occupations Code 116, Estates Code 122)
Engrossed: Estates Code 122.001, Subchapter E, Chapter , Occupations Code 116.001 (Subchapter E, Chapter , Occupations Code 116, Estates Code 122)
House Committee Report: Estates Code 122.001, Subchapter E, Chapter , Occupations Code 116.001 (Subchapter E, Chapter , Occupations Code 116, Estates Code 122)
Enrolled: Estates Code 122.001, Subchapter E, Chapter , Occupations Code 116.001 (Subchapter E, Chapter , Occupations Code 116, Estates Code 122)