Texas Finance Code 125.307 – Termination of Account
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Terms Used In Texas Finance Code 125.307
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
When a trust is terminated, the credit union shall pay money remaining in a trust account as:
(1) directed by the trustee;
(2) prescribed by the trust agreement; or
(3) provided by applicable law, in the absence of direction from the trustee or by the trust agreement.