Sec. 113.252. RIGHTS OF CREDITORS. (a) A multiple-party account is not effective against:
(1) an estate of a deceased party to transfer to a survivor amounts needed to pay debts, taxes, and expenses of administration, including statutory allowances to the surviving spouse and minor children, if other assets of the estate are insufficient; or
(2) the claim of a secured creditor who has a lien on the account.
(b) A party, P.O.D. payee, or beneficiary who receives payment from a multiple-party account after the death of a deceased party is liable to account to the deceased party's personal representative for amounts the deceased party owned beneficially immediately before the party's death to the extent necessary to discharge the claims and charges described by Subsection (a) that remain unpaid after application of the deceased party's estate. The party, P.O.D. payee, or beneficiary is not liable in an amount greater than the amount the party, P.O.D. payee, or beneficiary received from the multiple-party account.
(c) A proceeding to assert liability under Subsection (b):
(1) may only be commenced if the personal representative receives a written demand by a surviving spouse, a creditor, or one acting for a minor child of the deceased party; and
(2) must be commenced on or before the second anniversary of the death of the deceased party.
(d) Amounts recovered by the personal representative under this section must be administered as part of the decedent's estate.
Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502), Sec. 1, eff. January 1, 2014.
Section: Previous 113.156 113.157 113.158 113.201 113.202 113.203 113.204 113.205 113.206 113.207 113.208 113.209 113.210 113.251 113.252Last modified: September 28, 2016