Texas Finance Code

§ 125.306 — DISCHARGE OF LIABILITY ON PAYMENT

FI § 125.306Title 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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Payment of all or part of the shares and deposits to a trustee or other person authorized to request present payment on a trust account discharges the liability of the credit union to each settlor, trustee, and beneficiary to the extent of the payment.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.