Texas Property Code - Section 72.101. Personal Property Presumed Abandoned
Section: Previous 71.202 71.203 71.301 71.302 71.303 71.304 72.001 72.101 72.1015 72.1016 72.102 72.103 73.001 73.002 73.003 Next
§ 72.101. PERSONAL PROPERTY PRESUMED ABANDONED. (a) Except as provided by this section and Sections 72.1015, 72.1016, and 72.102, personal property is presumed abandoned if, for longer than three years: (1) the existence and location of the owner of the property is unknown to the holder of the property; and (2) according to the knowledge and records of the holder of the property, a claim to the property has not been asserted or an act of ownership of the property has not been exercised. (b)(1) The three-year period leading to a presumption of abandonment of stock or another intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, commences on the first date that either a sum payable as a result of the ownership interest is unclaimed by the owner or a communication to the owner is returned undelivered by the United States Postal Service. (2) The running of the three-year period of abandonment ceases immediately on the exercise of an act of ownership interest or sum payable or a communication with the association as evidenced by a memorandum or other record on file with the association or its agents. (3) At the time an ownership is presumed abandoned under this section, any sum then held for interest or owing to the owner as a result of the interest and not previously presumed abandoned is presumed abandoned. (4) Any stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the ownership interest is subject to the presumption of abandonment as provided by this section. (c) Property distributable in the course of a demutualization or related reorganization of an insurance company is presumed abandoned on the first anniversary of the date the property becomes distributable if, at the time of the first distribution, the last known address of the owner according to the records of the holder of the property is known to be incorrect or the distribution or statements related to the distribution are returned by the post office as undeliverable and the owner has not: (1) communicated in writing with the holder of the property or the holder's agent regarding the interest; or (2) otherwise communicated with the holder regarding the interest as evidenced by a memorandum or other record on file with the holder or its agents. (d) Property distributable in the course of a demutualization or related reorganization of an insurance company that is not subject to Subsection (c) is presumed abandoned as otherwise provided by this section. Acts 1983, 68th Leg., p. 3593, ch. 576, § 1, eff. Jan. 1, 1984. Amended by Acts 1985, 69th Leg., ch. 230, § 9, eff. Sept. 1, 1985; Acts 1987, 70th Leg., ch. 426, § 3, eff. Sept. 1, 1987; Acts 1991, 72nd Leg., ch. 153, § 6, eff. Sept. 1, 1991; Acts 1993, 73rd Leg., ch. 36, § 3.01, eff. Sept. 1, 1993; Acts 2003, 78th Leg., 3rd C.S., ch. 3, § 2.01, 3.01, eff. Jan. 11, 2004; Acts 2005, 79th Leg., ch. 81, § 2, eff. Sept. 1, 2005.
Last modified: August 11, 2007