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Texas Property Code - Section 72.101. Personal Property Presumed Abandoned

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§ 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