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Texas Property Code - Section 76.601. Fund

Legal Research Home > Texas Laws > Property Code > Texas Property Code - Section 76.601. Fund

§ 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 
person.
	(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, 
1997.       

Last modified: August 11, 2007