Tex. Finance Code § 125.106
DIVISION OF ACCOUNT ON DEATH
Texas · Texas Finance Code · Status: effective
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- Citation
- Tex. Finance Code § 125.106, DIVISION OF ACCOUNT ON DEATH, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/646008
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Full text
(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.