Tex. Est. Code Section 113.053
Required Disclosure; Use of Form

(a)

Except as provided by Subsection (d), a financial institution shall disclose the information provided in this subchapter to a customer before the customer selects or modifies an account.

(a-1)

A financial institution is considered to have disclosed the information provided in this subchapter if:

(1)

the financial institution uses the form provided by Section 113.052 (Form); and

(2)

the customer signs the acknowledgment provided at the end of the form.

(b)

If a financial institution varies the format of the form provided by Section 113.052 (Form), the financial institution shall disclose the information provided by this subchapter separately from other account information except that the financial institution may disclose that information as part of other account documentation if the disclosures are the first items of the documentation.

(c)

The financial institution shall notify the customer of the type of account the customer selected. This requirement is satisfied by providing the customer with a copy of the account opening or modification documentation, as appropriate, in paper or electronic format.

(d)

If a type of multiple-party account is not available from a financial institution, the financial institution is not required to make a disclosure about that type of account.

(e)

This section does not apply to:

(1)

a credit union; or

(2)

an account that is opened or modified by a customer who:

(A)

is a legal entity, including a governmental entity; or

(B)

is acting as a legal representative for another person.
Added by Acts 2009, 81st Leg., R.S., Ch. 680, Sec. 1, eff. January 1, 2014.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 85 (S.B. 1791), Sec. 1, eff. September 1, 2015.
Acts 2017, 85th Leg., R.S., Ch. 304 (S.B. 714), Sec. 2, eff. September 1, 2017.

Source: Section 113.053 — Required Disclosure; Use of Form, https://statutes.­capitol.­texas.­gov/Docs/ES/htm/ES.­113.­htm#113.­053 (accessed May 4, 2024).

113.001
General Definitions 113.002
Definition of Party 113.003
Definition of Net Contribution 113.004
Types of Accounts 113.005
Authority of Financial Institutions to Enter into Certain Accounts 113.051
Establishment of Type of Account 113.052
Form 113.053
Required Disclosure 113.101
Effect of Certain Provisions Regarding Ownership Between Parties and Others 113.102
Ownership of Joint Account During Parties’ Lifetimes 113.104
Ownership of Trust Account During Trustee’s Lifetime 113.105
Ownership of Convenience Account 113.106
Ownership and Operation of Other Account with Convenience Signer 113.151
Establishment of Right of Survivorship in Joint Account 113.153
Ownership of Trust Account on Death of Trustee 113.154
Ownership of Convenience Account on Death of Party 113.155
Effect of Death of Party on Certain Accounts Without Rights of Survivorship 113.156
Applicability of Certain Provisions on Death of Party 113.157
Written Notice to Financial Institutions Regarding Form of Account 113.158
Nontestamentary Nature of Certain Transfers 113.201
Applicability of Subchapter 113.202
Payment of Multiple-party Account 113.203
Payment of Joint Account 113.205
Payment of Trust Account 113.206
Payment of Convenience Account 113.207
Liability for Payment from Joint Account After Death 113.208
Liability for Payment from Convenience Account 113.209
Discharge from Claims 113.210
Set-off to Financial Institution 113.251
Pledge of Account 113.252
Rights of Creditors 113.253
No Effect on Certain Rights and Liabilities of Financial Institutions 113.0531
Use of Form and Disclosure by Credit Unions 113.1541
Ownership of Other Account with Convenience Signer on Death of Last Surviving Party
Green check means up to date. Up to date

Accessed:
May 4, 2024

§ 113.053’s source at texas​.gov