Texas Finance Code 65.101 – Account Held by Minor
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(a) An association or a federal savings and loan association doing business in this state may accept a savings account from a minor as the sole and absolute owner of the account.
(b) On the minor’s order the association may:
(1) pay withdrawals;
(2) accept pledges to the association; and
(3) act in any other manner with respect to the account.
Terms Used In Texas Finance Code 65.101
- 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.
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
(c) Subject to Subsection (e), a payment or delivery of rights to a minor, or an acquittance signed by a minor who holds a savings account, is a discharge of the association for that payment or delivery.
(d) If the association requires a minor to furnish an acquittance or pledge or take other action with respect to the minor’s savings account, that action is binding on the minor as if the minor had the capacity of an adult.
(e) If a parent or guardian of a minor informs the association in writing that the minor is not to have the authority to control the minor’s savings account, the minor may not control the account during the minority without the joinder of the parent or guardian.
(f) If a minor dies, the acquittance of a parent or guardian of the minor discharges the association for amounts that in the aggregate do not exceed $1,000.