78th Texas Legislature, Regular Session, House Bill 2238, Chapter 658 Page: 2 of 7
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H.B. No. 2238
1 convenience signer [ti- ]inc. r. The financial institution is
2 completely released from liability for a payment made from the
3 account before the financial institution receives notice in writing
4 signed by a [the] party not to make the payment in accordance with
5 the terms of the account. After receipt of the notice from a [the]
6 party, the financial institution may require a [the] party to
7 approve any further payments from the account.
8 (g) If the financial institution makes a payment of the sums
9 on deposit in a convenience account to a convenience signer [the
10 ee-ign.e] after the death of the last surviving party and before the
11 financial institution has received written notice of the last
12 surviving party's death, the financial institution is completely
13 released from liability for the payment. If a financial
14 institution makes payment to the personal representative of the
15 deceased last surviving party's estate after the death of the last
16 surviving party and before service on the financial institution of
17 a court order prohibiting payment, the financial institution is
18 released to the extent of the payment from liability to any person
19 claiming a right to the funds. The receipt by the representative to
20 whom payment is made is a complete release and discharge of the
21 financial institution.
22 SECTION 2. Section 439A(b), Texas Probate Code, is amended
23 to read as follows:
24 (b) A financial institution may use the following form to
25 establish the type of account selected by a party:
26 UNIFORM SINGLE-PARTY OR MULTIPLE-PARTY ACCOUNT SELECTION
27 FORM NOTICE: The type of account you select may determine how2
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Texas. Legislature. House of Representatives. 78th Texas Legislature, Regular Session, House Bill 2238, Chapter 658, legislative document, June 20, 2003; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth158405/m1/2/: accessed May 5, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.