Texas Property Code - Section 76.601. Fund
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Texas Laws > Property Code > Texas Property Code - Section 76.601. Fund
Section: 76.501 76.502 76.503 76.504 76.505 76.506 76.507 76.601 76.602 76.603 76.701 76.702 76.703 76.704 81.001
§ 76.601. FUND. (a) The treasurer of the holder shall
maintain a fund known as the unclaimed money fund.
(b) The treasurer of the holder shall deposit to the credit
of the fund:
(1) all funds, including marketable securities,
delivered to the treasurer of the holder under this chapter or any
other statute requiring the delivery of unclaimed property to the
treasurer of the holder;
(2) all proceeds from the sale of any property,
including marketable securities, under this chapter; and
(3) any income derived from investments of the fund.
(c) The treasurer of the holder shall keep a separate record
and accounting for delivered unclaimed property, other than money,
before its sale.
(d) The treasurer of the holder shall from time to time
invest the amount in the unclaimed money fund in investments
approved by law for the investment of funds by the holder.
(e) The treasurer of the holder may from time to time sell
securities in the fund, including stocks, bonds, and mutual funds,
and use the proceeds to buy, exchange, invest, or reinvest in
marketable securities. When making the investments, the treasurer
of the holder shall exercise the judgment and care of a prudent
(f) The treasurer of the holder shall keep a separate record
and accounting for securities delivered, sold, purchased, or
exchanged and the proceeds and earnings from the securities.
Added by Acts 1997, 75th Leg., ch. 1037, § 38, eff. Sept. 1,
Last modified: August 11, 2007