Sec. 113.106. OWNERSHIP AND OPERATION OF OTHER ACCOUNT WITH CONVENIENCE SIGNER. (a) An account established by one or more parties at a financial institution that is not designated as a convenience account, but is instead designated as a single-party account or another type of multiple-party account, may provide that the sums on deposit may be paid or delivered to the parties or to one or more convenience signers "for the convenience of the parties."
(b) Except as provided by Section 113.1541:
(1) the provisions of Sections 113.105, 113.206, and 113.208 apply to an account described by Subsection (a), including provisions relating to the ownership of the account during the lifetimes and on the deaths of the parties and provisions relating to the powers and duties of the financial institution at which the account is established; and
(2) any other law relating to a convenience signer applies to a convenience signer designated as provided by this section to the extent the law applies to a convenience signer on a convenience account.
Added by Acts 2011, 82nd Leg., R.S., Ch. 91 (S.B. 1303), Sec. 8.006(a), 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