1. (a) The death of a trustee does not affect the ownership or disposition of a trust account unless:

   1. (1) the trust agreement provides otherwise; or

   2. (2) there is not a surviving trustee, and:

      1. (A) the account is a trust account subject to Subchapter B, Chapter 111, and Chapters 112 and 113, Estates Code; or
      2. (B) written evidence of the terms of the trust does not exist.

2. (b) On the death of a trustee for a trust account for which the death of a trustee affects the ownership disposition of the account, the credit union shall pay out money in the trust account:

   1. (1) in accordance with the trust agreement; or
   2. (2) in the absence of written evidence of the terms of the trust, to a beneficiary or any other person authorized by law to request or receive payment.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Acts 2015, 84th Leg., R.S., Ch. 1236 (S.B. 1296), Sec. 20.014, eff. September 1, 2015.