Texas Finance Code

§ 125.301 — FORM OF ACCOUNT

FI § 125.301Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 125. CREDIT UNION ACCOUNTS AND SERVICES · Art. D. TRUST ACCOUNT

Statute text

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(a)A credit union may issue shares or receive a deposit:

(1)in a revocable trust, if:

(A)a settlor is a member of the credit union; or

(B)a trustee or a beneficiary is a member of the credit union and the settlor is a member of the trustee's or beneficiary's family as that term is defined by the board in a written policy; or

(2)in an irrevocable trust, if a settlor, trustee, or beneficiary is a member of the credit union.

(b)A credit union may rely on any information provided by the trustee to determine whether a trust is revocable or irrevocable.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 87, Sec. 4, eff. Sept. 1, 1999.