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Texas Finance Code - FIN § 125.301. Form of Account

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A credit union may issue shares or receive a deposit:

(1) in a revocable trust, if:

(A) a settlor is a member of the credit union;  or

(B) a trustee or a beneficiary is a member of the credit union and the settlor is a member of the trustee's or beneficiary's family as that term is defined by the board in a written policy;  or

(2) in an irrevocable trust, if a settlor, trustee, or beneficiary is a member of the credit union.

(b) A credit union may rely on any information provided by the trustee to determine whether a trust is revocable or irrevocable.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 125.301. Form of Account - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-125-301/

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