Sec. 113.151. ESTABLISHMENT OF RIGHT OF SURVIVORSHIP IN JOINT ACCOUNT; OWNERSHIP ON DEATH OF PARTY. (a) Sums remaining on deposit on the death of a party to a joint account belong to the surviving party or parties against the estate of the deceased party if the interest of the deceased party is made to survive to the surviving party or parties by a written agreement signed by the party who dies.
(b) Notwithstanding any other law, an agreement is sufficient under this section to confer an absolute right of survivorship on parties to a joint account if the agreement contains a statement substantially similar to the following: "On the death of one party to a joint account, all sums in the account on the date of the death vest in and belong to the surviving party as his or her separate property and estate."
(c) A survivorship agreement may not be inferred from the mere fact that the account is a joint account or that the account is designated as JT TEN, Joint Tenancy, or joint, or with other similar language.
(d) If there are two or more surviving parties to a joint account that is subject to a right of survivorship agreement:
(1) during the parties' lifetimes respective ownerships are in proportion to the parties' previous ownership interests under Sections 113.102, 113.103, and 113.104, as applicable, augmented by an equal share for each survivor of any interest a deceased party owned in the account immediately before that party's death; and
(2) the right of survivorship continues between the surviving parties if a written agreement signed by a party who dies provides for that continuation.
Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502), Sec. 1, eff. January 1, 2014.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1338 (S.B. 1198), Sec. 2.09, eff. January 1, 2014.
Section: Previous 113.0531 113.101 113.102 113.103 113.104 113.105 113.106 113.151 113.152 113.153 113.154 113.1541 113.155 113.156 113.157 NextLast modified: September 28, 2016