Texas Government Code § 2116.017 Pledge Of Jointly Held Depository Account

Sec. 2116.017. PLEDGE OF JOINTLY HELD DEPOSITORY ACCOUNT. (a) Unless a term of the depository account provides otherwise, a person on whose signature precious metals may be withdrawn from a depository account that is jointly held in the names of two or more persons may, by a signed pledge, pledge and transfer to the depository or to a third party all or part of the account.

(b) A pledge made as described by Subsection (a) does not sever or terminate the joint and survivorship ownership of the account, to the extent applicable to the account before the pledge.

Added by Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483), Sec. 1, eff. June 19, 2015.

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Last modified: September 28, 2016