- 16 - creditors and other successors, and have no bearing on the power of withdrawal of these persons as determined by the terms of account contracts. Next, the just-referenced Tex. Prob. Code Ann. sec. 438, entitled “Ownership During Lifetime”, directs in subsection (a) (hereinafter TPC 438(a)) thereof: “A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent”. Finally, Tex. Prob. Code Ann. sec. 439 completes the general structure, governing rights of survivorship and disposition of sums remaining on deposit at the death of a party to a joint account. II. Analysis Given the foregoing backdrop, the outcome of the instant litigation turns largely upon application of TPC 438(a). The documentation with respect to the Valdes & Moreno account establishes its status as a joint account at a financial institution within the meaning of the Texas Probate Code. Moreover, the instant litigation is concerned with ownership as between the parties of this multiple-party account in the context of a controversy between one of these parties and a creditor, namely the IRS. That is precisely the type of situation that Tex. Prob. Code Ann. sec. 437 specifies is governed by TPC 438(a) and following provisions. Respondent and the estate, however,Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
Last modified: May 25, 2011