Texas § FI.65.105 - ACCOUNT HELD BY FIDUCIARY

§ FI.65.105. ACCOUNT HELD BY FIDUCIARY

ACCOUNT HELD BY FIDUCIARY. (a) An association or a federal savings and loan association doing business in this state may accept a savings account in the name of a fiduciary, including an administrator, executor, custodian, guardian, or trustee, for one or more named beneficiaries. (b) A fiduciary may: (1) vote as a member as if the membership were held absolutely; and (2) open, add to, or withdraw money from the account. (c) Except as otherwise provided by law, a payment to a fiduciary or an acquittance signed by the fiduciary to whom a payment is made is a discharge of the association for the payment. (d) After a person holding a savings account in a fiduciary capacity dies, the association may pay or deliver to the beneficiary the withdrawal value of the account, plus dividends on the account, or other rights relating to the account, in whole or in part, if the association has no written notice or order of the probate court of: (1) the revocation or termination of the fiduciary relationship; or (2) any other disposition of the beneficial estate. (e) An association has no further liability for a payment made or right delivered under Subsection (d). Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.