Tex. Finance Code § 125.308
EFFECT OF DEATH OF TRUSTEE ON ACCOUNT
Texas · Texas Finance Code · Status: effective
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- Citation
- Tex. Finance Code § 125.308, EFFECT OF DEATH OF TRUSTEE ON ACCOUNT, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/646022
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Full text
(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.