Texas 2011 - 82nd Regular

Texas House Bill HB1886 Compare Versions

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1	1	82R8998 NC-F
2	2	By: Morrison H.B. No. 1886
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to unclaimed property.
8	8	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	9	SECTION 1. Subchapter B, Chapter 72, Property Code, is
10	10	amended by adding Section 72.1025 to read as follows:
11	11	Sec. 72.1025. CLASS ACTION PROCEEDS. (a) In this section:
12	12	(1) "Class action proceeds" means a negotiable
13	13	instrument, including a check, or other intangible property issued
14	14	or made payable to a person who is a member of the class or a
15	15	participant in the class action to satisfy, wholly or partly, a
16	16	judgment in a class action or a class action settlement agreement.
17	17	(2) "Holder" means a court, a settlement
18	18	administrator, or any other person in possession of class action
19	19	proceeds at the time the proceeds are presumed abandoned.
20	20	(b) Class action proceeds are presumed abandoned if the
21	21	proceeds are unclaimed on or before the 90th day after the date the
22	22	proceeds were made payable and available to the members of the
23	23	class, unless a different abandonment period is established by the
24	24	court or the settlement agreement.
25	25	(c) Notwithstanding Sections 74.101(a) and 74.301(a), a
26	26	holder shall deliver class action proceeds, accompanied by a
27	27	property report under Section 74.101, to the comptroller not later
28	28	than the 60th day after the date the proceeds are presumed
29	29	abandoned.
30	30	(d) Sections 74.1011 and 74.103 do not apply to a holder
31	31	under this section.
32	32	(e) To the extent this section conflicts with any other law,
33	33	this section controls.
34	34	SECTION 2. Section 74.501, Property Code, is amended by
35	35	amending Subsections (d) and (e) and adding Subsections (d-1) and
36	36	(e-1) to read as follows:
37	37	(d) On receipt of a claim form and all necessary
38	38	documentation and as may be appropriate under the circumstances,
39	39	the comptroller may approve the claim of:
40	40	(1) the reported owner of the property;
41	41	(2) if the reported owner died testate:
42	42	(A) the appropriate legal beneficiaries of the
43	43	owner as provided by the last will and testament of the owner that
44	44	has been accepted into probate or filed as a muniment of title; or
45	45	(B) the executor of the owner's last will and
46	46	testament who holds current letters testamentary;
47	47	(3) if the reported owner died intestate:
48	48	(A) the legal heirs of the owner as provided by
49	49	Section 38, Texas Probate Code; or
50	50	(B) the court-appointed administrator of the
51	51	owner's estate;
52	52	(4) the legal heirs of the reported owner as
53	53	established by an affidavit of heirship order signed by a judge of
54	54	the county probate court or by a county judge;
55	55	(5) if the reported owner is a minor child or an adult
56	56	who has been adjudged incompetent by a court of law, the parent or
57	57	legal guardian of the child or adult;
58	58	(6) if the reported owner is an active [a]
59	59	corporation:
60	60	(A) the president of the corporation or chair or
61	61	officer of the board of directors of the corporation, on behalf of
62	62	the corporation; [or]
63	63	(B) any person who is legally authorized by the
64	64	corporation, through the corporation's bylaws or a resolution of
65	65	the corporation's board of directors, [has legal authority] to act
66	66	on behalf of the corporation; or
67	67	(C) the corporation's bankruptcy trustee or
68	68	other person under current appointment by the bankruptcy court to
69	69	manage the corporation's bankruptcy estate, if the corporation is
70	70	or has been a debtor in bankruptcy;
71	71	(7) if the reported owner is a domestic entity, as
72	72	defined by Section 1.002, Business Organizations Code,
73	73	[corporation] that has been dissolved, terminated as provided by
74	74	Section 11.251 of that code, or liquidated or is a foreign entity,
75	75	as defined by Section 1.002 of that code, whose registration to
76	76	transact business in this state has been revoked:
77	77	(A) the sole surviving shareholder or owner of
78	78	the entity [corporation], if there is only one surviving
79	79	shareholder or owner;
80	80	(B) the surviving shareholders or owners of the
81	81	entity [corporation] in proportion to their ownership of the entity
82	82	[corporation], if there is more than one surviving shareholder or
83	83	owner;
84	84	(C) the entity's [corporation's] bankruptcy
85	85	trustee or other person under current appointment by the bankruptcy
86	86	court to manage the entity's bankruptcy estate; [or]
87	87	(D) a receiver appointed for a domestic entity by
88	88	a court under Section 11.404 or 11.405, Business Organizations
89	89	Code, or other law, except a receiver described by Subsection (e)
90	90	[the court-ordered receiver for the corporation]; or
91	91	(E) a receiver appointed for a foreign entity by
92	92	a court under Section 11.410, Business Organizations Code, or other
93	93	law, except a receiver described by Subsection (e); or
94	94	(8) any other person authorized [that is entitled] to
95	95	receive the unclaimed property under rules adopted by the
96	96	comptroller [other law or comptroller policy].
97	97	(d-1) In Subsection (d)(6), "active corporation" means:
98	98	(1) a domestic corporation that is not a terminated
99	99	entity, as defined by Section 11.001, Business Organizations Code,
100	100	and has not been terminated under the corporation's governing
101	101	documents; or
102	102	(2) a foreign entity, as defined by Section 1.002,
103	103	Business Organizations Code, that is registered or otherwise
104	104	authorized to transact business in this state under Chapter 9,
105	105	Business Organizations Code.
106	106	(e) Notwithstanding Subsection (d), except [Except] as
107	107	provided by Subsection (f), the comptroller may not pay to the
108	108	following persons a claim to which this section applies:
109	109	(1) a creditor, a judgment creditor, a lienholder, or
110	110	an assignee of the reported owner or of the owner's heirs; [or]
111	111	(2) a person holding a power of attorney from the
112	112	reported owner or the owner's heirs; or
113	113	(3) a receiver, agent, assignee, representative, or
114	114	other person acting on behalf of a person described by Subdivision
115	115	(1).
116	116	(e-1) The comptroller may challenge the validity of a
117	117	receivership order in the court that issued the order or in a
118	118	district court in Travis County.
119	119	SECTION 3. (a) Section 72.1025, Property Code, as added by
120	120	this Act, applies only to proceeds from a class action commenced on
121	121	or after the effective date of this Act. Proceeds from a class
122	122	action commenced before the effective date of this Act are governed
123	123	by the law in effect immediately before the effective date of this
124	124	Act, and that law is continued in effect for that purpose.
125	125	(b) Section 74.501, Property Code, as amended by this Act,
126	126	applies only to a claim for unclaimed property filed on or after the
127	127	effective date of this Act. A claim filed before the effective date
128	128	of this Act is governed by the law in effect immediately before the
129	129	effective date of this Act, and that law is continued in effect for
130	130	that purpose.
131	131	SECTION 4. This Act takes effect immediately if it receives
132	132	a vote of two-thirds of all the members elected to each house, as
133	133	provided by Section 39, Article III, Texas Constitution. If this
134	134	Act does not receive the vote necessary for immediate effect, this
135	135	Act takes effect September 1, 2011.