Texas Finance Code - Section 65.105. Account Held By Fiduciary
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Texas Lawyer > Finance Code > Texas Finance Code - Section 65.105. Account Held By Fiduciary
§ 65.105. ACCOUNT HELD BY FIDUCIARY. (a) An association
or a federal savings and loan association doing business in this
state may accept a savings account in the name of a fiduciary,
including an administrator, executor, custodian, guardian, or
trustee, for one or more named beneficiaries.
(b) A fiduciary may:
(1) vote as a member as if the membership were held
absolutely; and
(2) open, add to, or withdraw money from the account.
(c) Except as otherwise provided by law, a payment to a
fiduciary or an acquittance signed by the fiduciary to whom a
payment is made is a discharge of the association for the payment.
(d) After a person holding a savings account in a fiduciary
capacity dies, the association may pay or deliver to the
beneficiary the withdrawal value of the account, plus dividends on
the account, or other rights relating to the account, in whole or in
part, if the association has no written notice or order of the
probate court of:
(1) the revocation or termination of the fiduciary
relationship; or
(2) any other disposition of the beneficial estate.
(e) An association has no further liability for a payment
made or right delivered under Subsection (d).
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 65.011 65.012 65.013 65.101 65.102 65.103 65.104 65.105 65.106 65.107 66.001 66.002 66.051 66.052 66.053
Last modified: August 10, 2007
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