Tex. Est. Code Section 113.001
General Definitions

In this chapter:


“Account” means a contract of deposit of funds or securities between a depositor and a financial institution. The term includes:


an account with cash deposits, including a checking account, savings account, certificate of deposit, and share account;


an account holding securities, including stocks, bonds, and mutual funds; and


another similar arrangement.


“Beneficiary” means a person or trustee of an express trust evidenced by a writing who is named in a trust account as a person for whom a party to the account is named as trustee.


“Charitable organization” means any corporation, community chest, fund, or foundation that is exempt from federal income tax under Section 501(a) of the Internal Revenue Code of 1986 by being listed as an exempt organization in Section 501(c)(3) of that code.


“Express trust” has the meaning assigned by Section 111.004 (Definitions), Property Code.


“Financial institution” means an organization authorized to do business under state or federal laws relating to financial institutions. The term includes a bank or trust company, savings bank, building and loan association, savings and loan company or association, credit union, and brokerage firm that deals in the sale and purchase of stocks, bonds, and other types of securities.


“Payment” of sums on deposit includes a withdrawal, a payment on a check or other directive of a party, and a pledge of sums on deposit by a party and any set-off, or reduction or other disposition of all or part of an account under a pledge.


“P.O.D. payee” means a person, trustee of an express trust evidenced by a writing, or charitable organization designated on a P.O.D. account as a person to whom the account is payable on request after the death of one or more persons.


“Proof of death” includes:


a certified copy of a death certificate; or


a judgment or order of a court in a proceeding in which the death of a person is proved to the satisfaction of the court by circumstantial evidence in accordance with Chapter 454 (Administration of Estate of Person Presumed Dead).


“Request” means a proper request for withdrawal, or a check or order for payment, that complies with all conditions of the account, including special requirements concerning necessary signatures and regulations of the financial institution. If a financial institution conditions withdrawal or payment on advance notice, for purposes of this chapter a request for withdrawal or payment is treated as immediately effective and a notice of intent to withdraw is treated as a request for withdrawal.


“Sums on deposit” means the balance payable or transferable on a multiple-party account including cash, interest, dividends, any type of securities, including stocks, bonds, and mutual funds, and any deposit of life insurance proceeds added to the account by reason of the death of a party.


“Withdrawal” includes payment to a third person in accordance with a check or other directive of a party.
Added by Acts 2009, 81st Leg., R.S., Ch. 680, Sec. 1, eff. January 1, 2014.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1338 (S.B. 1198), Sec. 2.07, eff. January 1, 2014.
Acts 2015, 84th Leg., R.S., Ch. 255 (S.B. 1020), Sec. 1, eff. May 29, 2015.
Acts 2023, 88th Leg., R.S., Ch. 205 (S.B. 1373), Sec. 10, eff. September 1, 2023.

Source: Section 113.001 — General Definitions, https://statutes.­capitol.­texas.­gov/Docs/ES/htm/ES.­113.­htm#113.­001 (accessed Jun. 5, 2024).

General Definitions
Definition of Party
Definition of Net Contribution
Types of Accounts
Authority of Financial Institutions to Enter into Certain Accounts
Establishment of Type of Account
Required Disclosure
Effect of Certain Provisions Regarding Ownership Between Parties and Others
Ownership of Joint Account During Parties’ Lifetimes
Ownership of Trust Account During Trustee’s Lifetime
Ownership of Convenience Account
Ownership and Operation of Other Account with Convenience Signer
Establishment of Right of Survivorship in Joint Account
Ownership of Trust Account on Death of Trustee
Ownership of Convenience Account on Death of Party
Effect of Death of Party on Certain Accounts Without Rights of Survivorship
Applicability of Certain Provisions on Death of Party
Written Notice to Financial Institutions Regarding Form of Account
Nontestamentary Nature of Certain Transfers
Applicability of Subchapter
Payment of Multiple-party Account
Payment of Joint Account
Payment of Trust Account
Payment of Convenience Account
Liability for Payment from Joint Account After Death
Liability for Payment from Convenience Account
Discharge from Claims
Set-off to Financial Institution
Pledge of Account
Rights of Creditors
No Effect on Certain Rights and Liabilities of Financial Institutions
Use of Form and Disclosure by Credit Unions
Ownership of Other Account with Convenience Signer on Death of Last Surviving Party

Jun. 5, 2024

§ 113.001’s source at texas​.gov