Texas Finance Code - Section 65.106. Trust Account; Undisclosed Trust Instrument
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§ 65.106. TRUST ACCOUNT; UNDISCLOSED TRUST
INSTRUMENT. (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).
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 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 66.054
Last modified: August 10, 2007
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