Texas § FI.65.101 - ACCOUNT HELD BY MINOR

§ FI.65.101. ACCOUNT HELD BY MINOR

ACCOUNT HELD BY MINOR. (a) An association or a federal savings and loan association doing business in this state may accept a savings account from a minor as the sole and absolute owner of the account. (b) On the minor's order the association may: (1) pay withdrawals; (2) accept pledges to the association; and (3) act in any other manner with respect to the account. (c) Subject to Subsection (e), a payment or delivery of rights to a minor, or an acquittance signed by a minor who holds a savings account, is a discharge of the association for that payment or delivery. (d) If the association requires a minor to furnish an acquittance or pledge or take other action with respect to the minor's savings account, that action is binding on the minor as if the minor had the capacity of an adult. (e) If a parent or guardian of a minor informs the association in writing that the minor is not to have the authority to control the minor's savings account, the minor may not control the account during the minority without the joinder of the parent or guardian. (f) If a minor dies, the acquittance of a parent or guardian of the minor discharges the association for amounts that in the aggregate do not exceed $1,000. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.