Sec. 125.401. THIRD-PARTY CLAIM. (a) In this section:
(1) "Credit union" includes:
(A) a credit union organized under the laws of this state;
(B) a foreign credit union; and
(C) a federal credit union.
(2) "Out-of-state credit union" means a credit union that:
(A) is not organized under the laws of this state; and
(B) has its main or principal office in another state or country.
(3) "Texas credit union" means a credit union that:
(A) is organized under the laws of this state or federal law; and
(B) has its main or principal office in this state.
(b) A credit union doing business in this state must be served with citation or other appropriate process issued from a court in connection with a suit instituted by a third party to recover or establish an interest in a deposit or share account before the credit union is required to:
(1) recognize the third party's claim;
(2) withhold payment of the account to any party to the account; or
(3) withhold payment to the order of any party to the account.
(c) A claim against a depositor, joint account owner, or member of a credit union shall be delivered or otherwise served as required or permitted by law at the address of the registered agent of the credit union as designated in a registration filed under Section 201.102 or 201.103, as applicable.
(d) A claim against a depositor, joint account owner, or member of an out-of-state credit union that files a registration statement under Section 201.102 or a Texas credit union that files a registration statement under Section 201.103 is not effective with respect to the credit union if the claim is served or delivered to an address other than the address of the credit union's registered agent as provided in the registration.
(e) To prevent or limit a credit union's compliance with or response to a claim subject to this section, the depositor, joint account owner, or member must seek an appropriate remedy, including a restraining order, injunction, or protective order, to prevent or suspend the credit union's response to a claim against the depositor, joint account owner, or member.
(f) A credit union that does not register with the secretary of state under Section 201.102 or 201.103 is subject to service or delivery of all claims against depositors, joint account owners, or members of the credit union or against the credit union itself by serving the president or vice president of the credit union or as otherwise provided by law.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 44, eff. Sept. 1, 2003.
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