Texas Finance Code

§ 125.308 — EFFECT OF DEATH OF TRUSTEE ON ACCOUNT

FI § 125.308Title 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)The death of a trustee does not affect the ownership or disposition of a trust account unless:

(1)the trust agreement provides otherwise; or

(2)there is not a surviving trustee, and:

(A)the account is a trust account subject to Subchapter B, Chapter 111, and Chapters 112 and 113, Estates Code; or

(B)written evidence of the terms of the trust does not exist.

(b)On the death of a trustee for a trust account for which the death of a trustee affects the ownership disposition of the account, the credit union shall pay out money in the trust account:

…

Legislative history

Acts 2015, 84th Leg., R.S., Ch. 1236 (S.B. 1296), Sec. 20.014, eff. September 1, 2015.