Archive

Go to:

October 2017
SMTWTFS
1234567
891011121314
15161718192021
22232425262728
293031
< Sep Nov >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

Texas Legislature Approves Transfer on Death of Vehicle Titles
Thursday, May 25, 2017 7:00 AM

SB 869 by Sen. Joan Huffman (R-Houston) and Rep. Jessica Farrar (D-Houston) authorizes a beneficiary designation that transfers a motor vehicle at the owner’s death, allowing the heir to avoid the costly probate process. 

The owner of the vehicle can designate a beneficiary by submitting an application for title paperwork, similar to a payable-on-death beneficiary on deposit accounts. The beneficiary takes the vehicle, subject to all liens. Transfer of title does not affect the ability of a lienholder to pursue an existing means of debt collection permitted under Texas law. Credit unions may want to educate members about this new option when financing autos for members.

The bill has been sent to Gov. Greg Abbott’s office. The deadline for the governor to sign, veto, or allow the bill to become law without his signature is June 18, 2017.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop.