Texas Finance Code 125.203 – Discharge of Liability On Payment; Effect On Minor of Required Action
Current as of: 2024 | Check for updates
|
Other versions
(a) A payment or delivery of rights made by a credit union or a federal credit union to any of the following persons in connection with an account in the name of a minor discharges the credit union or federal credit union to the extent of the payment or delivery:
(1) the minor;
(2) a party to the account; or
(3) the parent or guardian of a deceased minor.
(b) The payment and a receipt, pledge, or other action required by the credit union is binding on the minor as if the minor had the capacity of an adult.
Terms Used In Texas Finance Code 125.203
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.