Bill Text: TX HB705 | 2015-2016 | 84th Legislature | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to access to a financial institution account of a person who dies intestate.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2015-05-29 - Effective on 9/1/15 [HB705 Detail]
Download: Texas-2015-HB705-Engrossed.html
Bill Title: Relating to access to a financial institution account of a person who dies intestate.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2015-05-29 - Effective on 9/1/15 [HB705 Detail]
Download: Texas-2015-HB705-Engrossed.html
| 84R18065 CLG-F | ||
| By: Farrar | H.B. No. 705 | |
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| relating to access to a financial institution account of a person | ||
| who dies intestate. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subtitle D, Title 2, Estates Code, is amended by | ||
| adding Chapter 153 to read as follows: | ||
| CHAPTER 153. ACCESS TO INTESTATE'S ACCOUNT WITH FINANCIAL | ||
| INSTITUTION | ||
| Sec. 153.001. DEFINITIONS. In this chapter: | ||
| (1) "Account" has the meaning assigned by Section | ||
| 113.001. | ||
| (2) "Financial institution" has the meaning assigned | ||
| by Section 201.101, Finance Code. | ||
| (3) "P.O.D. account" and "trust account" have the | ||
| meanings assigned by Section 113.004. | ||
| Sec. 153.002. INAPPLICABILITY OF CHAPTER. This chapter | ||
| does not apply to: | ||
| (1) an account with a beneficiary designation; | ||
| (2) a P.O.D. account; | ||
| (3) a trust account; or | ||
| (4) an account that provides for a right of | ||
| survivorship. | ||
| Sec. 153.003. COURT-ORDERED ACCESS TO INTESTATE'S ACCOUNT | ||
| INFORMATION. (a) In this section, "interested person" means an | ||
| heir, spouse, creditor, or any other having a property right in or | ||
| claim against the decedent's estate. | ||
| (b) On application of an interested person or on the court's | ||
| own motion, a court may issue an order requiring a financial | ||
| institution to release to the person named in the order information | ||
| concerning the balance of each account that is maintained at the | ||
| financial institution of a decedent who dies intestate if: | ||
| (1) 90 days have elapsed since the date of the | ||
| decedent's death; | ||
| (2) no petition for the appointment of a personal | ||
| representative for the decedent's estate is pending; and | ||
| (3) no letters testamentary or of administration have | ||
| been granted with respect to the estate. | ||
| SECTION 2. This Act takes effect September 1, 2015. | ||
