Texas Finance Code

§ 65.106 — TRUST ACCOUNT; UNDISCLOSED TRUST INSTRUMENT

FI § 65.106Title 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)If an association opens a savings account for a person claiming to be the trustee for another and the association has no other written notice of the existence or terms of a trust:

(1)the person claiming to be the trustee may, on the person's signature, withdraw money from the account; and

(2)if that person dies, an association may pay the withdrawal value of all or part of the account, plus dividends on the account, to the person for whom the account was opened.

(b)An association has no further liability for a payment made under Subsection (a).

Legislative history

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