Texas Finance Code - Section 65.102. Account Held By More Than One Person
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Texas Lawyer > Finance Code > Texas Finance Code - Section 65.102. Account Held By More Than One Person
§ 65.102. ACCOUNT HELD BY MORE THAN ONE PERSON. (a) If a
savings account is opened in an association or a federal savings and
loan association doing business in this state in the names of more
than one person, whether the persons are minors or adults, and the
savings contract specifies that money in the account may be paid to
or on the order of any one of the account holders, the association
may pay the money in the account to or on the order of any one of the
account holders before or after the death of any of the other
account holders. An association has no further liability for a
payment made under this subsection.
(b) If a savings contract specifies that a check, receipt,
or withdrawal order requires the signature of more than one of the
account holders or of more than one of the surviving account holders
after the death of an account holder, the association shall pay the
money in the account according to the terms of the savings contract.
(c) If a savings account holder gives written notification
to the association not to permit withdrawals according to the terms
of the savings contract, the association may refuse, without
liability, to honor any check, receipt, or withdrawal request on
the account pending a determination of the rights of the account
holders.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 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 66.002
Last modified: August 10, 2007
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