Trust Restatement Law and Legal Definition
A restatement of a revocable living trust revises or amends a trust's provisions. A restatement of trust completely replaces and supercedes all provisions of the original revocable living trust it replaces. The original trust's name is not affected or changed by the restatement. In effect the original trust and trust estate is continued but the newly restated rules or provisions apply.
Example of a statute in Texas dealing with restated declaration of trust:
Tex. Rev. Civ. Stat. art. 6138A
Restated declaration of trust
Sec. 22.70. (A) A real estate investment trust, by following the procedure to amend the declaration of trust provided by this Act, except that no shareholder approval shall be required where no amendment is made, may authorize, execute, and file a restated declaration of trust that may restate:
(1) the entire text of the declaration of trust as amended or supplemented by all articles of amendment previously filed with the county clerk of the county of the principal place of business of the real estate investment trust; or
(2) the entire text of the declaration of trust, as amended or supplemented by all articles of amendment previously filed with the county clerk of the county of the principal place of business of the real estate investment trust and as further amended by the restated declaration of trust.
(B) If the restated declaration of trust restates the entire declaration of trust, as amended and supplemented by all articles of amendment previously filed with the county clerk of the county of the principal place of business of the real estate investment trust, without making any further amendment to the declaration of trust, the introductory paragraph shall contain a statement that the instrument accurately copies the declaration of trust and all amendments to the declaration of trust that are in effect on that date and that the instrument contains no change in any provision of the declaration of trust. The number of trust managers and the names and addresses of the persons serving as trust managers may be inserted in lieu of similar information concerning the initial trust managers.
(C) If the restated declaration of trust restates the entire declaration of trust, as amended and supplemented by all articles of amendment previously filed with the county clerk of the county of the principal place of business of the real estate investment trust and as further amended by the restated declaration of trust, the instrument containing the declaration of trust shall:
(1) set forth, for any amendment made by the restated declaration of trust, a statement that the amendment has been effected in conformity with the provisions of this Act and the statements required by this Act to be contained in articles of amendment;
(2) contain a statement that the instrument accurately copies the declaration of trust and all amendments to the declaration of trust that are in effect on that date and as further amended by the restated declaration of trust and that the instrument contains no other change in any provision in the declaration of trust, provided that the number of trust managers and the names and addresses of the persons serving as trust managers may be inserted in lieu of similar information concerning the initial trust managers; and
(3) restate the text of the entire declaration of trust, as amended and supplemented by all articles of amendment previously filed with the county clerk of the county of the principal place of business of the real estate investment trust and as further amended by the restated declaration of trust.
(D) An officer shall execute the restated declaration of trust on behalf of the real estate investment trust. If no shares have been issued and the restated declaration of trust is adopted by the trust managers, a majority of the trust managers may execute the restated declaration of trust on behalf of the real estate investment trust.
(E) On the filing of the copy of the restated declaration of trust with the county clerk of the county of the principal place of business of the real estate investment trust, the original declaration of trust and all amendments to the original declaration of trust shall be superseded and the restated declaration of trust is considered to be the declaration of trust of the real estate investment trust.
