| 1 | | - | By: Farrar (Senate Sponsor - Ellis) H.B. No. 705 |
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| 2 | | - | (In the Senate - Received from the House April 20, 2015; |
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| 3 | | - | April 23, 2015, read first time and referred to Committee on State |
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| 4 | | - | Affairs; May 6, 2015, reported favorably by the following vote: |
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| 5 | | - | Yeas 9, Nays 0; May 6, 2015, sent to printer.) |
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| 6 | | - | Click here to see the committee vote |
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| 1 | + | H.B. No. 705 |
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| 21 | 4 | | AN ACT |
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| 22 | 5 | | relating to access to a financial institution account of a person |
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| 23 | 6 | | who dies intestate. |
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| 24 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 25 | 8 | | SECTION 1. Subtitle D, Title 2, Estates Code, is amended by |
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| 26 | 9 | | adding Chapter 153 to read as follows: |
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| 27 | 10 | | CHAPTER 153. ACCESS TO INTESTATE'S ACCOUNT WITH FINANCIAL |
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| 28 | 11 | | INSTITUTION |
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| 29 | 12 | | Sec. 153.001. DEFINITIONS. In this chapter: |
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| 30 | 13 | | (1) "Account" has the meaning assigned by Section |
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| 31 | 14 | | 113.001. |
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| 32 | 15 | | (2) "Financial institution" has the meaning assigned |
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| 33 | 16 | | by Section 201.101, Finance Code. |
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| 34 | 17 | | (3) "P.O.D. account" and "trust account" have the |
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| 35 | 18 | | meanings assigned by Section 113.004. |
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| 36 | 19 | | Sec. 153.002. INAPPLICABILITY OF CHAPTER. This chapter |
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| 37 | 20 | | does not apply to: |
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| 38 | 21 | | (1) an account with a beneficiary designation; |
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| 39 | 22 | | (2) a P.O.D. account; |
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| 40 | 23 | | (3) a trust account; or |
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| 41 | 24 | | (4) an account that provides for a right of |
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| 42 | 25 | | survivorship. |
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| 43 | 26 | | Sec. 153.003. COURT-ORDERED ACCESS TO INTESTATE'S ACCOUNT |
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| 44 | 27 | | INFORMATION. (a) In this section, "interested person" means an |
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| 45 | 28 | | heir, spouse, creditor, or any other having a property right in or |
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| 46 | 29 | | claim against the decedent's estate. |
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| 47 | 30 | | (b) On application of an interested person or on the court's |
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| 48 | 31 | | own motion, a court may issue an order requiring a financial |
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| 49 | 32 | | institution to release to the person named in the order information |
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| 50 | 33 | | concerning the balance of each account that is maintained at the |
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| 51 | 34 | | financial institution of a decedent who dies intestate if: |
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| 52 | 35 | | (1) 90 days have elapsed since the date of the |
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| 53 | 36 | | decedent's death; |
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| 54 | 37 | | (2) no petition for the appointment of a personal |
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| 55 | 38 | | representative for the decedent's estate is pending; and |
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| 56 | 39 | | (3) no letters testamentary or of administration have |
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| 57 | 40 | | been granted with respect to the estate. |
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| 58 | 41 | | SECTION 2. This Act takes effect September 1, 2015. |
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| 59 | | - | * * * * * |
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| 42 | + | ______________________________ ______________________________ |
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| 43 | + | President of the Senate Speaker of the House |
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| 44 | + | I certify that H.B. No. 705 was passed by the House on April |
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| 45 | + | 16, 2015, by the following vote: Yeas 144, Nays 2, 2 present, not |
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| 46 | + | voting. |
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| 47 | + | ______________________________ |
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| 48 | + | Chief Clerk of the House |
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| 49 | + | I certify that H.B. No. 705 was passed by the Senate on May |
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| 50 | + | 15, 2015, by the following vote: Yeas 31, Nays 0. |
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| 51 | + | ______________________________ |
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| 52 | + | Secretary of the Senate |
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| 53 | + | APPROVED: _____________________ |
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| 54 | + | Date |
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| 55 | + | _____________________ |
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| 56 | + | Governor |
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