Tex. Fin. Code § 95.103 · Subchapter B. PROVISIONS APPLICABLE TO SPECIFIC TYPES OF ACCOUNTS
ACCOUNT HELD BY FIDUCIARY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A savings bank or federal savings bank doing business in this state may accept a deposit account in the name of a fiduciary, including an administrator, executor, custodian, guardian, or trustee, for a named beneficiary.
(b) A fiduciary may:
(1) vote as a member as if the membership were held absolutely; and
(2) open, add to, or withdraw money from the account.
(c) Except as otherwise provided by law, a payment to a fiduciary or an acquittance signed by the fiduciary to whom a payment is made is a discharge of the savings bank for the payment.
(d) After a person holding a deposit account in a fiduciary capacity dies, the savings bank may pay or deliver to the beneficiary the withdrawal value of the account, plus earnings on the account, or other rights relating to the account, in whole or in part, if the savings bank has no written notice or order of the probate court of:
(1) the revocation or termination of the fiduciary relationship; or
(2) any other disposition of the beneficial estate.
(e) A savings bank has no further liability for a payment made or right delivered under Subsection (d).
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.95.htm
- Text hash
- sha256 87ce96006ba42b3d9dbb9e1ae3a423e24aa6f628636da3d657d7d5b8717b7bfb
- 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.