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Tex. Fin. Code § 65.106

TRUST ACCOUNT; UNDISCLOSED TRUST INSTRUMENT

Known as the Texas Savings and Loan Act

The act spans §§ 61–89 (217 sections).

Applied in 1 court decision — leading case Bank of America, N.A. v. Haag (2001)

Most recently applied in Bank of America, N.A. v. Haag (January 2001)

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

(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).

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