Sec. 125.307. TERMINATION OF ACCOUNT. When a trust is terminated, the credit union shall pay money remaining in a trust account as:
(1) directed by the trustee;
(2) prescribed by the trust agreement; or
(3) provided by applicable law, in the absence of direction from the trustee or by the trust agreement.
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