Texas Estates Code

§ 113.001 — GENERAL DEFINITIONS

ES § 113.001Title 2. ESTATES OF DECEDENTS; DURABLE POWERS OF ATTORNEY · Part C. PASSAGE OF TITLE AND DISTRIBUTION OF DECEDENTS' PROPERTY IN GENERAL · Ch. 113. MULTIPLE-PARTY ACCOUNTS · Art. A. GENERAL PROVISIONS

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In this chapter:

(1)"Account" means a contract of deposit of funds or securities between a depositor and a financial institution. The term includes:

(A)an account with cash deposits, including a checking account, savings account, certificate of deposit, and share account;

(B)an account holding securities, including stocks, bonds, and mutual funds; and

(C)another similar arrangement.

(2)"Beneficiary" means a person or trustee of an express trust evidenced by a writing who is named in a trust account as a person for whom a party to the account is named as trustee. (2-a) "Charitable organization" means any corporation, community chest, fund, or foundation that is exempt from federal income tax under Section 501(a) of the Internal Revenue Code of 1986 by being listed as an exempt organization in Section 501(c)(3) of that code. (2-b) "Express trust" has the meaning assigned by Section 111.004, Property Code.

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Legislative history

Acts 2011, 82nd Leg., R.S., Ch. 1338 (S.B. 1198), Sec. 2.07, eff. January 1, 2014. Acts 2015, 84th Leg., R.S., Ch. 255 (S.B. 1020), Sec. 1, eff. May 29, 2015. Acts 2023, 88th Leg., R.S., Ch. 205 (S.B. 1373), Sec. 10, eff. September 1, 2023.