Sec. 65.106. TRUST ACCOUNT; UNDISCLOSED TRUST INSTRUMENT. (a) If an association opens a savings account for a person claiming to be the trustee for another and the association has no other written notice of the existence or terms of a trust:
(1) the person claiming to be the trustee may, on the person's signature, withdraw money from the account; and
(2) if that person dies, an association may pay the withdrawal value of all or part of the account, plus dividends on the account, to the person for whom the account was opened.
(b) An association has no further liability for a payment made under Subsection (a).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Section: Previous 65.005 65.006 65.007 65.008 65.009 65.010 65.011 65.012 65.013 65.101 65.102 65.103 65.104 65.105 65.106Last modified: September 28, 2016