Enrolled Bill Summary

House Bill 3075	House Author:  Deshotel
Effective:  6-19-09	Senate Sponsor:  Hinojosa

            House Bill 3075 amends the Probate Code to authorize an account established by one or more parties at a financial institution that is not designated as a convenience account, but is instead designated as a single-party account or another type of multiple-party account, to provide that the money on deposit may be paid or delivered to the parties or to one or more convenience signers for the convenience of the parties. The bill updates the single-party or multiple-party account selection form notice by adding lines for the names of the convenience signers. The bill provides that provisions relating to a convenience account and convenience signer apply to an account and signer described above, including provisions relating to the ownership of the account during the lifetimes and on the deaths of the parties, except that the convenience signer of such an account does not have a right of survivorship in the account unless the signer is also designated as a P.O.D. payee or as a beneficiary.