Texas Business Organizations Code

§ 11.355 — NOTICE OF ESCHEAT; ESCHEAT

BO § 11.355Title 1. GENERAL PROVISIONS · Ch. 11. WINDING UP AND TERMINATION OF DOMESTIC ENTITY · Art. H. CLAIMS RESOLUTION ON TERMINATION

Statute text

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(a)If no claimant has made satisfactory proof of a right to the money within the period prescribed by Section 11.354(a), the comptroller shall publish in one issue of a newspaper of general circulation in Travis County a notice of the proposed escheat of the money.

(b)A notice published under Subsection (a) must contain:

(1)the name and last known address of any known creditor or owner entitled to the money;

(2)the amount of money deposited with the comptroller; and

(3)the name of the terminated filing entity from whose assets the money was derived.

(c)If no claimant makes satisfactory proof to the comptroller of a right to the money before the 61st day after the date notice under this section is published, the money automatically escheats to and becomes the property of the state and shall be deposited in the general revenue fund.

Legislative history

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