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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) If the account is a P.O.D. account and there is a written agreement signed by the original payee or payees, on the death of the original payee or on the death of the survivor of two or more original payees, any sums remaining on deposit belong to:
(1) the P.O.D. payee or payees if surviving; or
(2) the survivor of the P.O.D. payees if one or more P.O.D. payees die before the original payee.
(b) If two or more P.O.D. payees survive, no right of survivorship exists between the surviving P.O.D. payees unless the terms of the account or deposit agreement expressly provide for survivorship between those payees.
(c) A guardian of the estate or an attorney in fact or agent of an original payee may sign a written agreement described by Subsection (a) on behalf of the original payee.
Cite this article: FindLaw.com - Texas Estates Code - EST § 113.152. Ownership of P.O.D. Account on Death of Party - last updated January 01, 2024 | https://codes.findlaw.com/tx/estates-code/est-sect-113-152/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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