Sec. 456.003. DUTY OF ELIGIBLE INSTITUTIONS. Not later than the seventh business day after the date an eligible institution receives a copy of a written agreement under Section 456.002(a) or a statement from a personal representative under Section 456.002(b) and instructions from the lawyer identified in the agreement or statement, as applicable, regarding how to disburse the funds or close a trust or escrow account, the eligible institution shall disburse the funds and close the account in compliance with the instructions.
Added by Acts 2015, 84th Leg., R.S., Ch. 949 (S.B. 995), Sec. 45, eff. September 1, 2015.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 844 (H.B. 2271), Sec. 35, eff. September 1, 2017.
Structure Texas Statutes
Title 2 - Estates of Decedents; Durable Powers of Attorney
Subtitle J - Additional Matters Relating to the Administration of Certain Estates
Chapter 456 - Disbursement and Closing of Lawyer Trust or Escrow Accounts
Section 456.002. Authority to Designate Lawyer on Certain Trust or Escrow Accounts
Section 456.003. Duty of Eligible Institutions
Section 456.004. Liability of Eligible Institutions