Texas Property Code
§ 74.3011 — DELIVERY OF MONEY TO RURAL SCHOLARSHIP FUND
PR § 74.3011Title 6. UNCLAIMED PROPERTY · Ch. 74. REPORT, DELIVERY, AND CLAIMS PROCESS · Art. D. DELIVERY
Statute text
View on source(a)Notwithstanding and in addition to any other provision of this chapter or other law, a local telephone exchange company may deliver reported money to a scholarship fund for rural students instead of delivering the money to the comptroller as prescribed by Section 74.301.
(b)A local telephone exchange company may deliver the money under this section only to a scholarship fund established by one or more local telephone exchange companies in this state to enable needy students from rural areas to attend college, technical school, or another postsecondary educational institution.
(c)A local telephone exchange company shall file with the comptroller a verification of money delivered under this section that complies with Section 74.302.
(d)A claim for money delivered to a scholarship fund under this section must be filed with the local telephone exchange company that delivered the money. The local telephone exchange company shall forward the claim to the administrator of the scholarship fund to which the money was delivered. The scholarship fund shall pay the claim if the fund determines in good faith that the claim is valid. A person aggrieved by a claim decision may file a suit against the fund in a district court in the county in which the administrator of the scholarship fund is located in accordance with Section 74.506.
(e)The comptroller shall prescribe forms and procedures governing this section, including forms and procedures relating to:
(1)notice of presumed abandoned property;
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Legislative history
Acts 2007, 80th Leg., R.S., Ch. 163 (S.B. 947), Sec. 1, eff. September 1, 2007.