Texas Property Code

§ 73.101 — INACTIVE ACCOUNT OR SAFE DEPOSIT BOX PRESUMED ABANDONED

PR § 73.101Title 6. UNCLAIMED PROPERTY · Ch. 73. PROPERTY HELD BY FINANCIAL INSTITUTIONS · Art. B. PRESUMPTION OF ABANDONMENT

Statute text

View on source

(a)An account or safe deposit box is presumed abandoned if:

(1)except as provided by Subsection (c), the account or safe deposit box has been inactive for at least five years as determined under Subsection (b);

(2)the location of the depositor of the account or owner of the safe deposit box is unknown to the depository; and

(3)the amount of the account or the contents of the box have not been delivered to the comptroller in accordance with Chapter 74.

(b)For purposes of Subsection (a)(1):

(1)an account becomes inactive beginning on the date of the depositor's last transaction or correspondence concerning the account; and

…

Legislative history

Acts 2011, 82nd Leg., R.S., Ch. 685 (H.B. 257), Sec. 5, eff. September 1, 2011.