Texas Finance Code

§ 154.301 — PRESUMPTION OF ABANDONMENT

FI § 154.301Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 154. PREPAID FUNERAL SERVICES · Art. G. ABANDONED CONTRACTS

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(a)Money paid by a purchaser of a prepaid funeral benefits contract is personal property subject to presumption of abandonment and delivery to the comptroller under Title 6, Property Code. This subchapter controls in case of conflict with that title.

(b)Money paid by a purchaser of a prepaid funeral benefits contract and held in the name of the seller at a depository under Subchapter F is presumed abandoned if:

(1)the amount due the seller from the purchaser under the contract has been collected and:

(A)the seller has not known the existence and location of the purchaser or the beneficiary of the contract for the three preceding years;

(B)according to the knowledge and records of the seller, a claim to the money or contract has not been asserted or an act of ownership of the money or contract has not been exercised during the three preceding years;

(C)at least 60 years have elapsed since the date the purchaser executed the contract; and

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Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.