Texas Property Code

§ 72.101 — PERSONAL PROPERTY PRESUMED ABANDONED

PR § 72.101Title 6. UNCLAIMED PROPERTY · Ch. 72. ABANDONMENT OF PERSONAL PROPERTY · Art. B. PRESUMPTION OF ABANDONMENT

Statute text

(a)Except as provided by this section and Sections 72.1015, 72.1016, 72.1017, 72.102, and 72.104, personal property is presumed abandoned if, for longer than three years:

(1)the 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.

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Legislative history

Acts 2005, 79th Leg., Ch. 81 (S.B. 446), Sec. 2, eff. September 1, 2005. Acts 2009, 81st Leg., R.S., Ch. 551 (S.B. 1777), Sec. 2, eff. June 19, 2009. Acts 2009, 81st Leg., R.S., Ch. 767 (S.B. 865), Sec. 34, eff. June 19, 2009. Acts 2011, 82nd Leg., R.S., Ch. 685 (H.B. 257), Sec. 1, eff. September 1, 2011. Acts 2015, 84th Leg., R.S., Ch. 606 (S.B. 569), Sec. 1, eff. September 1, 2015. Acts 2019, 86th Leg., R.S., Ch. 897 (H.B. 3598), Sec. 1, eff. June 10, 2019.