Texas Finance Code Title 3, Chapter 125 - Credit Union Accounts And Services
SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 125.001 - Definition
In this chapter, "multiple-party account" has the meaning assigned by Section 113.004, Estates Code, except that the term includes an account in which one or...
- Texas Section 125.002 - Share Account
(a) Shares and membership shares shall be subscribed to and paid for in the manner prescribed by the bylaws. A credit union may limit the...
- Texas Section 125.003 - Deposit Accounts
A deposit account consists of payments made under an agreement between the credit union and a depositor, including a draft account, checking account, savings account,...
SUBCHAPTER B MULTIPLE-PARTY ACCOUNTS
- Texas Section 125.004 - Construction With Other Laws
This chapter may not be construed to conflict with the laws of the United States or the laws of this state governing the taxation of...
- Texas Section 125.101 - Form Of Account
(a) A member of a credit union or of a federal credit union doing business in this state may designate one or more persons to...
- Texas Section 125.102 - Powers Of Account Holders
(a) A party to a multiple-party account may make a payment on a share or deposit account and a withdrawal subject to the account agreement....
- Texas Section 125.103 - Powers Of Members Relating To Account
Subject to a policy adopted by the board, a member of a credit union by written notice to the credit union may: (1) change or...
- Texas Section 125.104 - Ownership Interest
(a) The parties to a multiple-party account are presumed to own the account in equal undivided interests unless: (1) the account agreement provides otherwise; or...
- Texas Section 125.105 - Discharge Of Liability On Payment
Payment of all or part of a multiple-party account to a party to the account discharges the credit union's liability to each party to the...
- Texas Section 125.106 - Division Of Account On Death
(a) Unless otherwise provided by the account agreement or a trust agreement, the only effect the death of a party to a multiple-party account has...
SUBCHAPTER C MINOR ACCOUNTS
- Texas Section 125.107 - Setoff Of Account
Without qualifying another statutory right to a setoff or lien and subject to a contractual provision accepted by the credit union, a credit union has...
- Texas Section 125.201 - Powers Of Credit Union Relating To Account
A credit union may: (1) open a share or deposit account in the name of a minor; (2) receive a payment on the account by...
- Texas Section 125.202 - Voting; Office-holding
(a) If permitted by the credit union's bylaws, a minor: (1) may vote in a meeting of the credit union's members; and (2) is eligible...
SUBCHAPTER D TRUST ACCOUNT
- Texas Section 125.203 - Discharge Of Liability On Payment; Effect On Minor Of Required Action
(a) A payment or delivery of rights made by a credit union or a federal credit union to any of the following persons in connection...
- Texas Section 125.301 - Form Of Account
(a) A credit union may issue shares or receive a deposit: (1) in a revocable trust, if: (A) a settlor is a member of the...
- Texas Section 125.302 - Loans To Nonmember Trustee
Subject to limitations imposed by this subtitle or a rule adopted under this subtitle, a credit union may make a fully secured loan to a...
- Texas Section 125.303 - Beneficiary Fees
A beneficiary who is not a member of a credit union is not required to pay a membership entrance fee. Acts 1997, 75th Leg., ch....
- Texas Section 125.304 - Limitations Placed On Beneficiary
A beneficiary who is not a member of a credit union may not vote in matters pertaining to, obtain a loan through, or hold office...
- Texas Section 125.305 - Account Transaction Inquiries
The credit union is not required to inquire of a trustee the reason for a transaction or the intended use for money withdrawn or borrowed....
- Texas Section 125.306 - Discharge Of Liability On Payment
Payment of all or part of the shares and deposits to a trustee or other person authorized to request present payment on a trust account...
- Texas Section 125.307 - Termination Of Account
When a trust is terminated, the credit union shall pay money remaining in a trust account as: (1) directed by the trustee; (2) prescribed by...
- Texas Section 125.308 - Effect Of Death Of Trustee On Account
(a) The death of a trustee does not affect the ownership or disposition of a trust account unless: (1) the trust agreement provides otherwise; or...
SUBCHAPTER E THIRD-PARTY CLAIMS AND OTHER RIGHTS RELATING TO ACCOUNTS
- Texas Section 125.309 - Trust Account With Limited Documentation
(a) For a trust account that is purported to be opened under a written trust agreement, the trustee may provide the credit union with a...
- Texas Section 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...
- Texas Section 125.402 - Disclosure Of Records Of Member; Confidentiality
(a) A credit union is not required to disclose or produce to a third party or permit a third party to examine a record pertaining...
- Texas Section 125.403 - Recovery Of Document Production Expenses From Third Party
(a) A credit union or federal credit union doing business in this state is entitled to recover from a third party the reasonable cost actually...
- Texas Section 125.404 - Liens And Setoffs
(a) To the extent of a member's direct or indirect indebtedness to a credit union, the credit union has: (1) a lien, enforceable with or...
SUBCHAPTER F SAFE DEPOSIT BOXES
- Texas Section 125.405 - Account Withdrawals
(a) A credit union may require not longer than 60 days' notice for a withdrawal from a share or deposit account. (b) The commissioner may...
- Texas Section 125.501 - Rental Of Safe Deposit Box
A credit union or federal credit union may maintain and rent safe deposit boxes. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1,
- Texas Section 125.502 - Relationship Between Credit Union And Box Holder
(a) In the absence of a contract to the contrary, the relationship between a credit union and the renter of a safe deposit box maintained...
- Texas Section 125.503 - Access By More Than One Person
(a) In the absence of a contract to the contrary, a credit union shall allow each holder of a safe deposit box jointly held in...
- Texas Section 125.504 - Relocation Of Safe Deposit Box; Inventory Of Contents
(a) Except as otherwise provided by this section, Sections 125.505 through 125.507, Chapter 151, Estates Code, or other law, a credit union may not relocate...
- Texas Section 125.505 - Notice Of Box Relocation
(a) A credit union shall give a lessee of a safe deposit box at least 30 days' notice of the box's relocation. The notice must...
- Texas Section 125.506 - Cost Of Notice As Box Rental
The credit union may treat the cost of certified mailings incurred in connection with each safe deposit box relocation other than the cost of the...
- Texas Section 125.507 - Emergency Relocation Of Safe Deposit Box
(a) A credit union may relocate a safe deposit box or open the box to relocate its contents to another location if the security of...
- Texas Section 125.508 - Key Imprinting
(a) A credit union that rents or permits access to a safe deposit box shall: (1) imprint all keys issued to the box after September...
- Texas Section 125.509 - Liability For Access To Or Removal Of Contents
A credit union that has identified the keys to a safe deposit box in accordance with Section 125.508 and that follows applicable law and the...
- Texas Section 125.510 - Delinquent Rents
(a) If the rental of a safe deposit box is delinquent for six months or longer, the credit union may open the box only if:...
- Texas Section 125.511 - Auction Of Contents
(a) If the rental, cost, and damages determined under Section 125.510(d) are not paid before the second anniversary of the date on which the box...
Last modified: September 28, 2016