Texas Finance Code

§ 95.104 — TRUST ACCOUNT: UNDISCLOSED TRUST INSTRUMENT

FI § 95.104Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 95. DEPOSIT ACCOUNTS · Art. B. PROVISIONS APPLICABLE TO SPECIFIC TYPES OF ACCOUNTS

Statute text

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(a)If a savings bank opens a deposit account for a person claiming to be the trustee for another and the savings bank has no other notice of the existence or terms of a trust other than a written claim against the account:

(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, the savings bank may pay the withdrawal value of all or part of the account, plus earnings on the account, to the person for whom the account was opened.

(b)A savings bank 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.