113.251 – PLEDGE OF ACCOUNT. (a) A party to a multiple-
Texas Estates Code § 113.251
Summary
This law allows a party to a multiple-party account to pledge the account as collateral without needing consent from other account parties. It clarifies that convenience signers do not have the authority to create a security interest in the account.
Parties can pledge multiple-party accounts without other parties' consent.
Convenience signers cannot create security interests in accounts.
Applies regardless of survivorship rights.
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In simple terms: Learn about Texas's PLEDGE OF ACCOUNT. (a) A party to a multiple- 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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