113.155 – EFFECT OF DEATH OF PARTY ON CERTAIN ACCOUNTS
Texas Estates Code § 113.155
Summary
This law clarifies that when a party to a multiple-party account dies, their ownership rights transfer to their estate without affecting the account's beneficial ownership. It applies specifically to accounts that are not governed by certain other sections of the Estates Code.
Death of a party does not change account ownership.
Rights of deceased party transfer to their estate.
Applicable to accounts without survivorship rights.
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In simple terms: Learn about Texas's EFFECT OF DEATH OF PARTY ON CERTAIN ACCOUNTS law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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