125.203 – DISCHARGE OF LIABILITY ON PAYMENT; EFFECT ON
Texas Finance Code § 125.203
Summary
This law allows credit unions to discharge their liability when making payments related to accounts held in a minor's name. It applies to payments made to the minor, account parties, or a deceased minor's parent or guardian, ensuring the credit union is protected from further claims regarding that payment.
Discharges credit unions from liability upon payment to specified individuals.
Applies to accounts held in the name of a minor.
Covers payments to minors, account parties, or deceased minors' guardians.
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In simple terms: Learn about Texas's DISCHARGE OF LIABILITY ON PAYMENT; EFFECT ON 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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