Texas § 125.308 EFFECT OF DEATH OF TRUSTEE ON ACCOUNT.

Texas Statutes

§ 125.308 — EFFECT OF DEATH OF TRUSTEE ON ACCOUNT.

Texas § 125.308

Code FIFinance Code

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Bluebook

Tex. Finance Code Code Ann. § 125.308 (2026).

Text

Sec. 125.308. EFFECT OF DEATH OF TRUSTEE ON ACCOUNT.

(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 re

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Sec. 125.308. EFFECT OF DEATH OF TRUSTEE ON ACCOUNT. (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.

Legislative History

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by: Acts 2015, 84th Leg., R.S., Ch. 1236 (S.B. 1296 ), Sec. 20.014, eff. September 1, 2015.