Texas Estates Code

§ 113.004 — TYPES OF ACCOUNTS

ES § 113.004Title 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)"Convenience account" means an account that:

(A)is established at a financial institution by one or more parties in the names of the parties and one or more convenience signers; and

(B)has terms that provide that the sums on deposit are paid or delivered to the parties or to the convenience signers "for the convenience" of the parties.

(2)"Joint account" means an account payable on request to one or more of two or more parties, regardless of whether there is a right of survivorship.

(3)"Multiple-party account" means a joint account, a convenience account, a P.O.D. account, or a trust account. The term does not include an account established for the deposit of funds of a partnership, joint venture, or other association for business purposes, or an account controlled by one or more persons as the authorized agent or trustee for a corporation, unincorporated association, charitable or civic organization, or a regular fiduciary or trust account in which the relationship is established other than by deposit agreement.

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Legislative history

Acts 2015, 84th Leg., R.S., Ch. 949 (S.B. 995), Sec. 1, eff. September 1, 2015.