Sec. 125.308.  EFFECT OF DEATH OF TRUSTEE ON ACCOUNT.  (a)  The death of a trustee does not affect the ownership or disposition of a trust account unless:
(1)  the trust agreement provides otherwise; or
(2)  there is not a surviving trustee, and:
(A)  the account is a trust account subject to Subchapter B, Chapter 111, and Chapters 112 and 113, Estates Code; or
(B)  written evidence of the terms of the trust does not exist.
(b)  On the death of a trustee for a trust account for which the death of a trustee affects the ownership disposition of the account, the credit union shall pay out money in the trust account:
(1)  in accordance with the trust agreement;  or
(2)  in the absence of written evidence of the terms of the trust, to a beneficiary or any other person authorized by law to request or receive payment.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by: 
Acts 2015, 84th Leg., R.S., Ch. 1236 (S.B. 1296), Sec. 20.014, eff. September 1, 2015.