125.105 – DISCHARGE OF LIABILITY ON PAYMENT. Payment of
Texas Finance Code § 125.105
Summary
This law states that when a credit union makes a payment from a multiple-party account to one of the account holders, it eliminates the credit union's liability to all account holders for that payment amount. This protects the credit union from further claims related to the disbursed funds.
Payments to one account holder discharge liability for that amount.
Applies to multiple-party accounts held at credit unions.
Protects credit unions from claims by other account holders.
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In simple terms: Learn about Texas's DISCHARGE OF LIABILITY ON PAYMENT. Payment of 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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