Tex. Fin. Code § 125.308 · Subchapter D. TRUST ACCOUNT
EFFECT OF DEATH OF TRUSTEE ON ACCOUNT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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
(2) there is not a surviving trustee, and:
(A) the account is a trust account subject to Subchapter B, Chapter 111, and Chapters 112 and 113, Estates Code; or
(B) written evidence of the terms of the trust does not exist.
(b) On the death of a trustee for a trust account for which the death of a trustee affects the ownership disposition of the account, the credit union shall pay out money in the trust account:
(1) in accordance with the trust agreement; or
(2) in the absence of written evidence of the terms of the trust, to a beneficiary or any other person authorized by law to request or receive payment.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1236 (S.B. 1296), Sec. 20.014, eff. September 1, 2015.
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 cdd166afbb40ecb71824d81ddf89f375be138bf801817143a719ce65dab2e908
- 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
Cited by 1 provision
Provisions in this library whose text cites Tex. Fin. Code § 125.308. Each shows the citation as that text prints it.
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