Sec. 125.306. DISCHARGE OF LIABILITY ON PAYMENT. Payment of all or part of the shares and deposits to a trustee or other person authorized to request present payment on a trust account discharges the liability of the credit union to each settlor, trustee, and beneficiary to the extent of the payment.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 125 - Credit Union Accounts and Services
Section 125.301. Form of Account
Section 125.302. Loans to Nonmember Trustee
Section 125.303. Beneficiary Fees
Section 125.304. Limitations Placed on Beneficiary
Section 125.305. Account Transaction Inquiries
Section 125.306. Discharge of Liability on Payment
Section 125.307. Termination of Account