Texas § 125.301 FORM OF ACCOUNT.

Texas Statutes

§ 125.301 — FORM OF ACCOUNT.

Texas § 125.301

Code FIFinance Code

This text of Texas § 125.301 (FORM OF ACCOUNT.) 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. § 125.301 (2026).

Text

Sec. 125.301. FORM OF ACCOUNT.

(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.

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Sec. 125.301. FORM OF ACCOUNT. (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.