Texas § 125.106 DIVISION OF ACCOUNT ON DEATH.

Texas Statutes

§ 125.106 — DIVISION OF ACCOUNT ON DEATH.

Texas § 125.106

Code FIFinance Code

This text of Texas § 125.106 (DIVISION OF ACCOUNT ON DEATH.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Finance Code Code Ann. § 125.106 (2026).

Text

Sec. 125.106. DIVISION OF ACCOUNT ON DEATH.

(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.

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Sec. 125.106. DIVISION OF ACCOUNT ON DEATH. (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.