Tex. Fin. Code § 125.106 · Subchapter B. MULTIPLE-PARTY ACCOUNTS
DIVISION OF ACCOUNT ON DEATH.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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 on the beneficial ownership of the account is to transfer the decedent's right in the account to the decedent's estate.
(b) An account that does not expressly provide for right of survivorship is presumed to be a nonsurvivorship account.
(c) If the credit union complies with an account agreement, the credit union may pay money representing shares or deposits on the order of a party either before or after the death of another party.
(d) A credit union acting under Subsection (c) does not have further liability for the amount paid.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.125.htm
- Text hash
- sha256 034161307f94fbd636b2aa4aca3157116ae781b218c3c9aee21bdd9b1a17ab63
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.