125.306 – DISCHARGE OF LIABILITY ON PAYMENT. Payment of
Texas Finance Code § 125.306
Summary
This law states that when a credit union pays out shares or deposits from a trust account to an authorized person, it is released from liability to the parties involved. This applies to payments made to trustees or beneficiaries, ensuring that the credit union is protected from further claims regarding those funds.
Discharges credit union's liability upon payment to authorized persons.
Applies to trust accounts involving settlors, trustees, and beneficiaries.
Payment limits liability only to the extent of the amount paid.
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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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