Texas § 65.106 TRUST ACCOUNT; UNDISCLOSED TRUST INSTRUMENT.

Texas Statutes

§ 65.106 — TRUST ACCOUNT; UNDISCLOSED TRUST INSTRUMENT.

Texas § 65.106

Code FIFinance Code

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Bluebook

Tex. Finance Code Code Ann. § 65.106 (2026).

Text

Sec. 65.106. TRUST ACCOUNT; UNDISCLOSED TRUST INSTRUMENT.

(a)If an association opens a savings account for a person claiming to be the trustee for another and the association has no other written notice of the existence or terms of a trust:

(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, an association may pay the withdrawal value of all or part of the account, plus dividends on the account, to the person for whom the account was opened.

(b)An association has no further liability for a payment made under Subsection (a).

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Sec. 65.106. TRUST ACCOUNT; UNDISCLOSED TRUST INSTRUMENT. (a) If an association opens a savings account for a person claiming to be the trustee for another and the association has no other written notice of the existence or terms of a trust:
(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, an association may pay the withdrawal value of all or part of the account, plus dividends on the account, to the person for whom the account was opened.
(b) An association has no further liability for a payment made under Subsection (a).