Tex. Finance Code § 125.308
This is the official text of Tex. Finance Code § 125.308, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 125.308. EFFECT OF DEATH OF TRUSTEE ON ACCOUNT.
Official statutory 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.
(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.
Status: in_force · Read it on the official government site
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