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Tex. Finance Code § 125.301

FORM OF ACCOUNT

Texas · Texas Finance Code · Status: effective

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Tex. Finance Code § 125.301, FORM OF ACCOUNT, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/646015
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(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.