Texas Finance Code

§ 125.307 — TERMINATION OF ACCOUNT

FI § 125.307Title 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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When a trust is terminated, the credit union shall pay money remaining in a trust account as:

(1)directed by the trustee;

(2)prescribed by the trust agreement; or

(3)provided by applicable law, in the absence of direction from the trustee or by the trust agreement.

Legislative history

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