By: Farrar (Senate Sponsor - Ellis) H.B. No. 705
(In the Senate - Received from the House April 20, 2015;
April 23, 2015, read first time and referred to Committee on State
Affairs; May 6, 2015, reported favorably by the following vote:
Yeas 9, Nays 0; May 6, 2015, sent to printer.)
Click here to see the committee vote
COMMITTEE VOTE
YeaNayAbsentPNV
HuffmanX
EllisX
BirdwellX
CreightonX
EstesX
FraserX
NelsonX
SchwertnerX
ZaffiriniX
A BILL TO BE ENTITLED
AN ACT
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.
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