Texas 2009 - 81st Regular

Texas House Bill HB3075 Compare Versions

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1	1	H.B. No. 3075
2	2
3	3
4	4	AN ACT
5	5	relating to the designation of convenience signers on certain
6	6	accounts established at financial institutions.
7	7	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	8	SECTION 1. Part 1, Chapter XI, Texas Probate Code, is
9	9	amended by adding Section 438B to read as follows:
10	10	Sec. 438B. CONVENIENCE SIGNER ON OTHER ACCOUNTS. (a) An
11	11	account established by one or more parties at a financial
12	12	institution that is not designated as a convenience account, but is
13	13	instead designated as a single-party account or another type of
14	14	multiple-party account, may provide that the sums on deposit may be
15	15	paid or delivered to the parties or to one or more convenience
16	16	signers "for the convenience of the parties."
17	17	(b) Except as provided by Subsection (c) of this section:
18	18	(1) the provisions of Section 438A of this chapter
19	19	apply to an account described by Subsection (a) of this section,
20	20	including provisions relating to the ownership of the account
21	21	during the lifetimes and on the deaths of the parties and provisions
22	22	relating to the powers and duties of the financial institution at
23	23	which the account is established; and
24	24	(2) any other law relating to a convenience signer
25	25	applies to a convenience signer designated as provided by this
26	26	section to the extent the law applies to a convenience signer on a
27	27	convenience account.
28	28	(c) On the death of the last surviving party to an account
29	29	that has a convenience signer designated as provided by this
30	30	section, the convenience signer does not have a right of
31	31	survivorship in the account and the estate of the last surviving
32	32	party owns the account unless the convenience signer is also
33	33	designated as a P.O.D. payee or as a beneficiary.
34	34	SECTION 2. Sections 439A(a) and (b), Texas Probate Code,
35	35	are amended to read as follows:
36	36	(a) A contract of deposit that contains provisions
37	37	substantially the same as in the form provided by Subsection (b) of
38	38	this section establishes the type of account selected by a party.
39	39	The provisions of this part of Chapter XI of this code govern an
40	40	account selected under the form[, other than a single-party account
41	41	without a P.O.D. designation]. A contract of deposit that does not
42	42	contain provisions substantially the same as in the form provided
43	43	by Subsection (b) of this section is governed by the provisions of
44	44	this chapter applicable to the account that most nearly conforms to
45	45	the depositor's intent.
46	46	(b) A financial institution may use the following form to
47	47	establish the type of account selected by a party:
48	48	UNIFORM SINGLE-PARTY OR MULTIPLE-PARTY ACCOUNT SELECTION
49	49	FORM NOTICE: The type of account you select may determine how
50	50	property passes on your death. Your will may not control the
51	51	disposition of funds held in some of the following accounts. You
52	52	may choose to designate one or more convenience signers on an
53	53	account, even if the account is not a convenience account. A
54	54	designated convenience signer may make transactions on your behalf
55	55	during your lifetime, but does not own the account during your
56	56	lifetime. The designated convenience signer owns the account on
57	57	your death only if the convenience signer is also designated as a
58	58	P.O.D. payee or trust account beneficiary.
59	59	Select one of the following accounts by placing your initials
60	60	next to the account selected:
61	61	___ (1) SINGLE-PARTY ACCOUNT WITHOUT "P.O.D." (PAYABLE ON
62	62	DEATH) DESIGNATION. The party to the account owns the account. On
63	63	the death of the party, ownership of the account passes as a part of
64	64	the party's estate under the party's will or by intestacy.
65	65	Enter the name of the party:
66	66	______________________________
67	67	Enter the name(s) of the convenience signer(s), if you want
68	68	one or more convenience signers on this account:
69	69	______________________________
70	70	______________________________
71	71	___ (2) SINGLE-PARTY ACCOUNT WITH "P.O.D." (PAYABLE ON
72	72	DEATH) DESIGNATION. The party to the account owns the account. On
73	73	the death of the party, ownership of the account passes to the
74	74	P.O.D. beneficiaries of the account. The account is not a part of
75	75	the party's estate.
76	76	Enter the name of the party:
77	77	______________________________
78	78	Enter the name or names of the P.O.D. beneficiaries:
79	79	______________________________
80	80	______________________________
81	81	Enter the name(s) of the convenience signer(s), if you want
82	82	one or more convenience signers on this account:
83	83	______________________________
84	84	______________________________
85	85	___ (3) MULTIPLE-PARTY ACCOUNT WITHOUT RIGHT OF
86	86	SURVIVORSHIP. The parties to the account own the account in
87	87	proportion to the parties' net contributions to the account. The
88	88	financial institution may pay any sum in the account to a party at
89	89	any time. On the death of a party, the party's ownership of the
90	90	account passes as a part of the party's estate under the party's
91	91	will or by intestacy.
92	92	Enter the names of the parties:
93	93	______________________________
94	94	______________________________
95	95	______________________________
96	96	Enter the name(s) of the convenience signer(s), if you want
97	97	one or more convenience signers on this account:
98	98	______________________________
99	99	______________________________
100	100	___ (4) MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP.
101	101	The parties to the account own the account in proportion to the
102	102	parties' net contributions to the account. The financial
103	103	institution may pay any sum in the account to a party at any time.
104	104	On the death of a party, the party's ownership of the account passes
105	105	to the surviving parties.
106	106	Enter the names of the parties:
107	107	______________________________
108	108	______________________________
109	109	Enter the name(s) of the convenience signer(s), if you want
110	110	one or more convenience signers on this account:
111	111	______________________________
112	112	______________________________
113	113	___ (5) MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP
114	114	AND P.O.D. (PAYABLE ON DEATH) DESIGNATION. The parties to the
115	115	account own the account in proportion to the parties' net
116	116	contributions to the account. The financial institution may pay
117	117	any sum in the account to a party at any time. On the death of the
118	118	last surviving party, the ownership of the account passes to the
119	119	P.O.D. beneficiaries.
120	120	Enter the names of the parties:
121	121	______________________________
122	122	______________________________
123	123	Enter the name or names of the P.O.D. beneficiaries:
124	124	______________________________
125	125	______________________________
126	126	Enter the name(s) of the convenience signer(s), if you want
127	127	one or more convenience signers on this account:
128	128	______________________________
129	129	______________________________
130	130	___ (6) CONVENIENCE ACCOUNT. The parties to the account own
131	131	the account. One or more convenience signers to the account may
132	132	make account transactions for a party. A convenience signer does
133	133	not own the account. On the death of the last surviving party,
134	134	ownership of the account passes as a part of the last surviving
135	135	party's estate under the last surviving party's will or by
136	136	intestacy. The financial institution may pay funds in the account
137	137	to a convenience signer before the financial institution receives
138	138	notice of the death of the last surviving party. The payment to a
139	139	convenience signer does not affect the parties' ownership of the
140	140	account.
141	141	Enter the names of the parties:
142	142	______________________________
143	143	______________________________
144	144	Enter the name(s) [names] of the convenience signer(s)
145	145	[signers]:
146	146	______________________________
147	147	______________________________
148	148	___ (7) TRUST ACCOUNT. The parties named as trustees to the
149	149	account own the account in proportion to the parties' net
150	150	contributions to the account. A trustee may withdraw funds from the
151	151	account. A beneficiary may not withdraw funds from the account
152	152	before all trustees are deceased. On the death of the last
153	153	surviving trustee, the ownership of the account passes to the
154	154	beneficiary. The trust account is not a part of a trustee's estate
155	155	and does not pass under the trustee's will or by intestacy, unless
156	156	the trustee survives all of the beneficiaries and all other
157	157	trustees.
158	158	Enter the name or names of the trustees:
159	159	______________________________
160	160	______________________________
161	161	Enter the name or names of the beneficiaries:
162	162	______________________________
163	163	______________________________
164	164	Enter the name(s) of the convenience signer(s), if you want
165	165	one or more convenience signers on this account:
166	166	______________________________
167	167	______________________________
168	168	SECTION 3. The changes in law made by this Act apply to an
169	169	account with a financial institution for which a convenience signer
170	170	is designated, regardless of whether the account was established or
171	171	the convenience signer was designated before, on, or after the
172	172	effective date of this Act.
173	173	SECTION 4. This Act takes effect immediately if it receives
174	174	a vote of two-thirds of all the members elected to each house, as
175	175	provided by Section 39, Article III, Texas Constitution. If this
176	176	Act does not receive the vote necessary for immediate effect, this
177	177	Act takes effect September 1, 2009.
178	178	______________________________ ______________________________
179	179	President of the Senate Speaker of the House
180	180	I certify that H.B. No. 3075 was passed by the House on May
181	181	12, 2009, by the following vote: Yeas 149, Nays 0, 1 present, not
182	182	voting.
183	183	______________________________
184	184	Chief Clerk of the House
185	185	I certify that H.B. No. 3075 was passed by the Senate on May
186	186	27, 2009, by the following vote: Yeas 31, Nays 0.
187	187	______________________________
188	188	Secretary of the Senate
189	189	APPROVED: _____________________
190	190	Date
191	191	_____________________
192	192	Governor