Texas Education Code 54.716 – Effect of Termination of Plan On Savings Trust Agreement
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Terms Used In Texas Education Code 54.716
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Property: means real and personal property. See Texas Government Code 311.005
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
If the plan is terminated, the balance of each savings trust account shall be paid to the account owner, to the extent possible, and any unclaimed assets shall escheat to the state in accordance with general law regarding unclaimed property.