Texas Finance Code

§ 65.101 — ACCOUNT HELD BY MINOR

FI § 65.101Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 65. SAVINGS ACCOUNTS · Art. B. PROVISIONS APPLICABLE TO SPECIFIC TYPES OF ACCOUNTS

Statute text

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(a)An association or a federal savings and loan association doing business in this state may accept a savings account from a minor as the sole and absolute owner of the account.

(b)On the minor's order the association may:

(1)pay withdrawals;

(2)accept pledges to the association; and

(3)act in any other manner with respect to the account.

(c)Subject to Subsection (e), a payment or delivery of rights to a minor, or an acquittance signed by a minor who holds a savings account, is a discharge of the association for that payment or delivery.

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Legislative history

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