Texas Estates Code Title 2, Chapter 113 - Multiple-party Accounts

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 113.001 - General Definitions
  In this chapter: (1) "Account" means a contract of deposit of funds between a depositor and a financial institution. The term includes a checking account,...
• Texas Section 113.002 - Definition Of Party
  (a) In this chapter, "party" means a person who, by the terms of a multiple-party account, has a present right, subject to request, to payment...
• Texas Section 113.003 - Definition Of Net Contribution
  (a) In this chapter, "net contribution" of a party to a joint account at any given time is the sum of all deposits made to...
• Texas Section 113.004 - Types Of Accounts
  In this chapter: (1) "Convenience account" means an account that: (A) is established at a financial institution by one or more parties in the names...

SUBCHAPTER B UNIFORM ACCOUNT FORM

• Texas Section 113.005 - Authority Of Financial Institutions To Enter Into Certain Accounts
  A financial institution may enter into a multiple-party account to the same extent that the institution may enter into a single-party account. Added by Acts...
• Texas Section 113.051 - Establishment Of Type Of Account; Applicability Of Certain Law
  (a) A contract of deposit that contains provisions substantially the same as in the form provided by Section 113.052 establishes the type of account selected...
• Texas Section 113.052 - Form
  A financial institution may use the following form to establish the type of account selected by a party: UNIFORM SINGLE-PARTY OR MULTIPLE-PARTY ACCOUNT SELECTION FORM...
• Texas Section 113.053 - Required Disclosure; Use Of Form
  (a) A financial institution shall disclose the information provided in this subchapter to a customer at the time the customer selects or modifies an account....

SUBCHAPTER C OWNERSHIP AND OPERATION OF ACCOUNTS

• Texas Section 113.0531 - Use Of Form And Disclosure By Credit Unions
  (a) A credit union is considered to have disclosed the information provided by this subchapter if the credit union uses the form provided by Section...
• Texas Section 113.101 - Effect Of Certain Provisions Regarding Ownership Between Parties And Others
  The provisions of this subchapter and Subchapters B and D that relate to beneficial ownership between parties, or between parties and P.O.D. payees or beneficiaries...
• Texas Section 113.102 - Ownership Of Joint Account During Parties' Lifetimes
  During the lifetime of all parties to a joint account, the account belongs to the parties in proportion to the net contributions by each party...
• Texas Section 113.103 - Ownership Of P
  Sec. 113.103. OWNERSHIP OF P.O.D. ACCOUNT DURING ORIGINAL PAYEE'S LIFETIME. (a) During the lifetime of an original payee of a P.O.D. account, the account belongs...
• Texas Section 113.104 - Ownership Of Trust Account During Trustee's Lifetime
  (a) A trust account belongs beneficially to the trustee during the trustee's lifetime unless: (1) the terms of the account or the deposit agreement manifest...
• Texas Section 113.105 - Ownership Of Convenience Account; Additions And Accruals
  (a) The making of a deposit in a convenience account does not affect the title to the deposit. (b) A party to a convenience account...

SUBCHAPTER D RIGHTS OF SURVIVORSHIP IN ACCOUNTS

• Texas Section 113.106 - Ownership And Operation Of Other Account With Convenience Signer
  (a) An account established by one or more parties at a financial institution that is not designated as a convenience account, but is instead designated...
• Texas Section 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...
• Texas Section 113.152 - Ownership Of P
  Sec. 113.152. OWNERSHIP OF P.O.D. ACCOUNT ON DEATH OF PARTY. (a) If the account is a P.O.D. account and there is a written agreement signed...
• Texas Section 113.153 - Ownership Of Trust Account On Death Of Trustee
  (a) If the account is a trust account and there is a written agreement signed by the trustee or trustees, on death of the trustee...
• Texas Section 113.154 - Ownership Of Convenience Account On Death Of Party
  On the death of the last surviving party to a convenience account: (1) a convenience signer has no right of survivorship in the account; and...
• Texas Section 113.1541 - Ownership Of Other Account With Convenience Signer On Death Of Last Surviving Party
  On the death of the last surviving party to an account that has a convenience signer designated as provided by Section 113.106, the convenience signer...
• Texas Section 113.155 - Effect Of Death Of Party On Certain Accounts Without Rights Of Survivorship
  The death of a party to a multiple-party account to which Sections 113.151, 113.152, and 113.153 do not apply has no effect on the beneficial...
• Texas Section 113.156 - Applicability Of Certain Provisions On Death Of Party
  Sections 113.151, 113.152, 113.153, and 113.155 as to rights of survivorship are determined by the form of the account at the death of a party....
• Texas Section 113.157 - Written Notice To Financial Institutions Regarding Form Of Account
  Notwithstanding any other law, the form of an account may be altered by written order given by a party to the financial institution to change...

SUBCHAPTER E PROTECTION OF FINANCIAL INSTITUTIONS

• Texas Section 113.158 - Nontestamentary Nature Of Certain Transfers
  Transfers resulting from the application of Sections 113.151, 113.152, 113.153, and 113.155 are effective by reason of the account contracts involved and this chapter and...
• Texas Section 113.201 - Applicability Of Subchapter
  This subchapter and Section 113.003(b) govern: (1) the liability of financial institutions that make payments as provided by this subchapter; and (2) the set-off rights...
• Texas Section 113.202 - Payment Of Multiple-party Account
  A multiple-party account may be paid, on request, to any one or more of the parties. Added by Acts 2009, 81st Leg., R.S., Ch. 680...
• Texas Section 113.203 - Payment Of Joint Account
  (a) Subject to Subsection (b), amounts in a joint account may be paid, on request, to any party without regard to whether any other party...
• Texas Section 113.204 - Payment Of P
  Sec. 113.204. PAYMENT OF P.O.D. ACCOUNT. (a) A P.O.D. account may be paid, on request, to any original payee of the account. (b) Payment may...
• Texas Section 113.205 - Payment Of Trust Account
  (a) A trust account may be paid, on request, to any trustee. (b) Unless a financial institution has received written notice that a beneficiary has...
• Texas Section 113.206 - Payment Of Convenience Account
  Deposits to a convenience account and additions and accruals to the deposits may be paid to a party or a convenience signer. Added by Acts...
• Texas Section 113.207 - Liability For Payment From Joint Account After Death
  A financial institution that pays an amount from a joint account to a surviving party to that account in accordance with a written agreement under...
• Texas Section 113.208 - Liability For Payment From Convenience Account
  (a) A financial institution is completely released from liability for a payment made from a convenience account before the financial institution receives notice in writing...
• Texas Section 113.209 - Discharge From Claims
  (a) Payment made in accordance with Section 113.202, 113.203, 113.204, 113.205, or 113.207 discharges the financial institution from all claims for those amounts paid regardless...

SUBCHAPTER F RIGHTS OF CREDITORS; PLEDGE OF ACCOUNT

• Texas Section 113.210 - Set-off To Financial Institution
  (a) Without qualifying any other statutory right to set-off or lien and subject to any contractual provision, if a party to a multiple-party account is...
• Texas Section 113.251 - Pledge Of Account
  (a) A party to a multiple-party account may pledge the account or otherwise create a security interest in the account without the joinder of, as...
• Texas Section 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,...
• Texas Section 113.253 - No Effect On Certain Rights And Liabilities Of Financial Institutions
  This subchapter does not: (1) affect the right of a financial institution to make payment on multiple-party accounts according to the terms of the account;...

Last modified: September 28, 2016