Public-domain · open source
OpenJurist

Tex. Fin. Code § 125.503

ACCESS BY MORE THAN ONE PERSON

Known as the Texas Credit Union Act

The act spans §§ 121.001 to 149.002 (219 sections).

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff

(a) In the absence of a contract to the contrary, a credit union shall allow each holder of a safe deposit box jointly held in the name of two or more persons or a person other than the lessee designated in the lease agreement:

(1) access to the box; and

(2) removal of its contents.

(b) A credit union is not responsible for damage arising because a holder or other designated person had access to the box or removed its contents.

(c) The death of a holder of a jointly held safe deposit box does not affect the right of another holder or other designated person to have access to and remove contents from the box.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.