Tex. Fin. Code § 125.301 · Subchapter D. TRUST ACCOUNT
FORM OF ACCOUNT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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 credit union; or
(B) a trustee or a beneficiary is a member of the credit union and the settlor is a member of the trustee's or beneficiary's family as that term is defined by the board in a written policy; or
(2) in an irrevocable trust, if a settlor, trustee, or beneficiary is a member of the credit union.
(b) A credit union may rely on any information provided by the trustee to determine whether a trust is revocable or irrevocable.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 87, Sec. 4, eff. Sept. 1, 1999.
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 e8609cf30567cc3e54e94f547bc04093f9df341a3912915af707dd2099fae2e3
- 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.