125.101 – FORM OF ACCOUNT. (a) A member of a credit union
Texas Finance Code § 125.101
Summary
This law allows credit union members to designate multiple individuals as co-owners of a share or deposit account. It also permits the inclusion of a right of survivorship for these accounts, ensuring that ownership transfers to surviving co-owners upon the death of one member.
Members can designate multiple co-owners for accounts.
Accounts may include a right of survivorship.
Applies to both state and federal credit unions.
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In simple terms: Learn about Texas's FORM OF ACCOUNT. (a) A member of a credit union 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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