SECTION 14.10. Transfer of Depository Account

(a) A depository account may be transferred to another person only on presentation to the depository of:

(1) evidence of transfer satisfactory to the depository; and

(2) an application for the transfer submitted by the person to whom the depository account is to be transferred.

(b) A person to whom a depository account is to be transferred must accept the transferred account subject to the terms of the depository account agreement and must otherwise be eligible to open an account under applicable laws and regulations. If a person to whom a depository account is to be transferred is not eligible to open an account under applicable law and these rules, the depository may close the account and take all steps that are reasonably necessary to deliver to the transferee the balance of the depository account, minus any applicable fees.

(c) The depository may require the transferee to provide information as is reasonably necessary to ensure that a delivery of precious metals under this section is made in accordance with applicable law and policies established by the depository.

Source Note: The provisions of this §14.10 adopted to be effective December 27, 2017, 42 TexReg 7411