125.106 – DIVISION OF ACCOUNT ON DEATH. (a) Unless
Texas Finance Code § 125.106
Summary
This law addresses the impact of a party's death on multiple-party accounts, specifying that the deceased's rights transfer to their estate unless stated otherwise. It clarifies that accounts without a right of survivorship are treated as nonsurvivorship accounts.
Death transfers rights to the decedent's estate.
Accounts without survivorship are nonsurvivorship accounts.
Account agreements can alter these default rules.
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In simple terms: Learn about Texas's DIVISION OF ACCOUNT ON DEATH. (a) Unless 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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