The language provided on our signature card/contract indicates upon the death of the owner, ownership of the account transfers to the POD beneficiary.

As the POD bene would NOT be granted actual ownership of the account (i.e. have it retitled in their name and allowed to maintain it), for UDA(A)P purposes - among others - should that be restated to more accurately reflect the bene becomes owner of the funds?

For example: "Upon the death of the owner(s), the ownership of the funds in the account transfers to the named beneficiary(ies)."

If this should be reworded, are there Texas Code considerations? (If so, please provide reference cite.)

Or, has this phrasing passed legal/judicial standards?

Or, is it something that's just been accepted & unquestioned?

I guess you could say it is "payable on request..." or you could say that the funds "belong to" the POD payee.

(5) "P.O.D. payee" means a person or charitable organization designated on a P.O.D. account as a person to whom the account is payable on request after the death of one or more persons.

...snip...

(7) "Request" means a proper request for withdrawal, or a check or order for payment, that complies with all conditions of the account, including special requirements concerning necessary signatures and regulations of the financial institution. If a financial institution conditions withdrawal or payment on advance notice, for purposes of this chapter a request for withdrawal or payment is treated as immediately effective and a notice of intent to withdraw is treated as a request for withdrawal.

Also:

Sec. 113.152. OWNERSHIP OF P.O.D. ACCOUNT ON DEATH OF PARTY. (a) If the account is a P.O.D. account and there is a written agreement signed by the original payee or payees, on the death of the original payee or on the death of the survivor of two or more original payees, any sums remaining on deposit belong to:
(1) the P.O.D. payee or payees if surviving; or
(2) the survivor of the P.O.D. payees if one or more P.O.D. payees die before the original payee.
(b) If two or more P.O.D. payees survive, no right of survivorship exists between the surviving P.O.D. payees unless the terms of the account or deposit agreement expressly provide for survivorship between those payees.

Or say both.