Texas Finance Code - Section 65.101. Account Held By Minor
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Texas Lawyer > Finance Code > Texas Finance Code - Section 65.101. Account Held By Minor
§ 65.101. ACCOUNT HELD BY MINOR. (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.
(d) If the association requires a minor to furnish an
acquittance or pledge or take other action with respect to the
minor's savings account, that action is binding on the minor as if
the minor had the capacity of an adult.
(e) If a parent or guardian of a minor informs the
association in writing that the minor is not to have the authority
to control the minor's savings account, the minor may not control
the account during the minority without the joinder of the parent or
guardian.
(f) If a minor dies, the acquittance of a parent or guardian
of the minor discharges the association for amounts that in the
aggregate do not exceed $1,000.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 65.007 65.008 65.009 65.010 65.011 65.012 65.013 65.101 65.102 65.103 65.104 65.105 65.106 65.107 66.001
Last modified: August 10, 2007
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