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Texas Business Organizations Code - Section 11.352. Deposit With Comptroller Of Amount Due Owners And Creditors Who Are Unknown Or Cannot Be Located

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 11.352. Deposit With Comptroller Of Amount Due Owners And Creditors Who Are Unknown Or Cannot Be Located

§ 11.352. DEPOSIT WITH COMPTROLLER OF AMOUNT DUE OWNERS 
AND CREDITORS WHO ARE UNKNOWN OR CANNOT BE LOCATED.  (a) On the 
voluntary or involuntary termination of a domestic filing entity, 
the portion of the entity's assets distributable to creditors or 
owners who are unknown or cannot be found after the exercise of 
reasonable diligence by a person responsible for the distribution 
in liquidation of the domestic filing entity's assets must be 
reduced to cash and deposited as provided by Subsection (b).
	(b)  Money from assets liquidated under Subsection (a) shall 
be deposited with the comptroller in a special account to be 
maintained by the comptroller.  The money must be accompanied by a 
statement to the comptroller containing:
		(1)  the name and last known address of each person who 
is known to be entitled to all or part of the account;
		(2)  the amount of each entitled person's distributive 
portion of the money;  and
		(3)  other information about each person who is 
entitled to all or part of the money as the comptroller may 
reasonably require.
	(c)  The comptroller shall issue a receipt for money received 
under this section.

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007