Texas § GV.2116.018 - DEPOSITORY ACCOUNT HELD BY FIDUCIARY

§ GV.2116.018. DEPOSITORY ACCOUNT HELD BY FIDUCIARY

DEPOSITORY ACCOUNT HELD BY FIDUCIARY. (a) The depository or a depository agent may accept a depository account in the name of a fiduciary, including an administrator, executor, custodian, guardian, or trustee, for a named beneficiary. (b) A fiduciary may open, add to, or withdraw precious metals from an account described by Subsection (a). (c) Except as otherwise provided by law, a payment or delivery to a fiduciary or an acquittance signed by the fiduciary to whom a payment or delivery is made is a discharge of the depository for the payment or delivery. (d) After a person who holds a depository account in a fiduciary capacity dies, the depository may pay or deliver to the beneficiary of the account the quantity of precious metals represented by the balance in the depository account, plus other rights relating to the depository account, wholly or partly, if the depository has no written notice or order of the probate court of: (1) a revocation or termination of the fiduciary relationship; or (2) any other disposition of the beneficial estate. (e) The depository has no further liability for a payment made or right delivered under Subsection (d). Added by Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483 ), Sec. 1, eff. June 19, 2015.