Texas Property Code

§ 72.1016 — STORED VALUE CARD

PR § 72.1016Title 6. UNCLAIMED PROPERTY · Ch. 72. ABANDONMENT OF PERSONAL PROPERTY · Art. B. PRESUMPTION OF ABANDONMENT

Statute text

(a)This section applies to a stored value card, as defined by Section 604.001, Business & Commerce Code, other than a card:

(1)to which Chapter 604, Business & Commerce Code, does not apply by operation of Sections 604.002(1)(A) and (C) and 604.002(2)-(5) of that code; or

(2)that is linked to and draws its value solely from a deposit account subject to Chapter 73.

(b)If the existence and location of the owner of a stored value card is unknown to the holder of the property, the stored value card is presumed abandoned to the extent of its unredeemed and uncharged value on the earlier of:

(1)the card's expiration date;

(2)the third anniversary of the date the card was issued, if the card is not used after it is issued, or the date the card was last used or value was last added to the card; or

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Legislative history

Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.33, eff. April 1, 2009.