Texas Finance Code

§ 125.309 — TRUST ACCOUNT WITH LIMITED DOCUMENTATION

FI § 125.309Title 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)For a trust account that is purported to be opened under a written trust agreement, the trustee may provide the credit union with a certificate of trust to evidence the trust relationship. The certificate must be an affidavit of the trustee and must include:

(1)the effective date of the trust;

(2)the name of the trustee;

(3)the name of or method for choosing a successor trustee;

(4)the name and address of each beneficiary;

(5)the authority granted to the trustee;

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Legislative history

Added by Acts 2003, 78th Leg., ch. 533, Sec. 43, eff. Sept. 1, 2003.