Tex. Finance Code § 95.104
This is the official text of Tex. Finance Code § 95.104, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 95.104.
Official statutory text
Sec. 95.104. TRUST ACCOUNT: UNDISCLOSED TRUST INSTRUMENT. (a) If a savings bank opens a deposit account for a person claiming to be the trustee for another and the savings bank has no other notice of the existence or terms of a trust other than a written claim against the account:
(1) the person claiming to be the trustee may, on the person's signature, withdraw money from the account; and
(2) if that person dies, the savings bank may pay the withdrawal value of all or part of the account, plus earnings on the account, to the person for whom the account was opened.
(b) A savings bank has no further liability for a payment made under Subsection (a).
(1) the person claiming to be the trustee may, on the person's signature, withdraw money from the account; and
(2) if that person dies, the savings bank may pay the withdrawal value of all or part of the account, plus earnings on the account, to the person for whom the account was opened.
(b) A savings bank has no further liability for a payment made under Subsection (a).
Status: in_force · Read it on the official government site
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