Texas Property Code

§ 74.304 — RESPONSIBILITY AFTER DELIVERY

PR § 74.304Title 6. UNCLAIMED PROPERTY · Ch. 74. REPORT, DELIVERY, AND CLAIMS PROCESS · Art. D. DELIVERY

Statute text

(a)If reported property is delivered to the comptroller, the state shall assume custody of the property and responsibility for its safekeeping.

(b)A holder who delivers property to the comptroller in good faith is relieved of all liability to the extent of the value of the property delivered for any claim then existing, that may arise after delivery to the comptroller, or that may be made with respect to the property.

(c)If the holder delivers property to the comptroller in good faith and, after delivery, a person claims the property from the holder or another state claims the property under its laws relating to escheat or unclaimed property, the attorney general shall, on written notice of the claim, defend the holder against the claim, and the holder shall be indemnified from the unclaimed money received under this chapter or any other statute requiring delivery of unclaimed property to the comptroller against any liability on the claim.

(d)The comptroller is not, in the absence of negligence or mishandling of the property, liable to the person who claims the property for damages incurred while the property or the proceeds from the sale of the property are in the comptroller's possession. But in any event the liability of the state is limited to the extent of the property delivered under this chapter and remaining in the possession of the comptroller at the time a suit is filed.

(e)For the purposes of this section, payment or delivery is made in good faith if:

(1)payment or delivery was made in a reasonable attempt to comply with this chapter;

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Legislative history

Added by Acts 1985, 69th Leg., ch. 230, Sec. 17, eff. Sept. 1, 1985. Amended by Acts 1997, 75th Leg., ch. 1037, Sec. 25, eff. Sept. 1, 1997; Acts 1997, 75th Leg., ch. 1423, Sec. 16.16, eff. Sept. 1, 1997.