Sec. 113.104. OWNERSHIP OF TRUST ACCOUNT DURING TRUSTEE'S LIFETIME. (a) A trust account belongs beneficially to the trustee during the trustee's lifetime unless:
(1) the terms of the account or the deposit agreement manifest a contrary intent; or
(2) other clear and convincing evidence of an irrevocable trust exists.
(b) If two or more parties are named as trustees on a trust account, during the parties' lifetimes beneficial rights between the parties are governed by Section 113.102.
(c) An account that is an irrevocable trust belongs beneficially to the beneficiary.
Added by Acts 2009, 81st Leg., R.S., Ch. 680, Sec. 1, eff. January 1, 2014.
Structure Texas Statutes
Title 2 - Estates of Decedents; Durable Powers of Attorney
Subtitle C - Passage of Title and Distribution of Decedents' Property in General
Chapter 113 - Multiple-Party Accounts
Subchapter C. Ownership and Operation of Accounts
Section 113.101. Effect of Certain Provisions Regarding Ownership Between Parties and Others
Section 113.102. Ownership of Joint Account During Parties' Lifetimes
Section 113.103. Ownership of P
Section 113.104. Ownership of Trust Account During Trustee's Lifetime
Section 113.105. Ownership of Convenience Account; Additions and Accruals
Section 113.106. Ownership and Operation of Other Account With Convenience Signer