82R4444 NC-D
By: Hilderbran H.B. No. 257
A BILL TO BE ENTITLED
AN ACT
relating to the periods for presumed abandonment of certain
unclaimed personal property.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 72.101(a), Property Code, is amended to
read as follows:
(a) Except as provided by this section and Sections 72.1015,
72.1016, 72.1017, and 72.102, personal property is presumed
abandoned if, for longer than three years:
(1) the existence and location of the owner of the
property is unknown to the holder of the property; and
(2) according to the knowledge and records of the
holder of the property, a claim to the property has not been
asserted or an act of ownership of the property has not been
exercised.
SECTION 2. Subchapter B, Chapter 72, Property Code, is
amended by adding Section 72.1017 to read as follows:
Sec. 72.1017. UTILITY DEPOSITS. (a) In this section:
(1) "Utility" has the meaning assigned by Section
183.001, Utilities Code.
(2) "Utility deposit" is a refundable money deposit a
utility requires a user of the utility service to pay as a condition
of initiating the service.
(b) Notwithstanding Section 73.102, a utility deposit is
presumed abandoned on the latest of:
(1) the first anniversary of the date a refund check
for the utility deposit was payable to the owner of the deposit;
(2) the first anniversary of the date the utility last
received documented communication from the owner of the utility
deposit; or
(3) the first anniversary of the date the utility
issued a refund check for the deposit payable to the owner of the
deposit if, according to the knowledge and records of the utility or
payor of the check, during that period, a claim to the check has not
been asserted or an act of ownership by the payee has not been
exercised.
SECTION 3. Section 72.102(c), Property Code, is amended to
read as follows:
(c) A money order to which Subsection (a) applies is
presumed to be abandoned on the latest of:
(1) the third [seventh] anniversary of the date on
which the money order was issued;
(2) the third [seventh] anniversary of the date on
which the issuer of the money order last received from the owner of
the money order communication concerning the money order; or
(3) the third [seventh] anniversary of the date of the
last writing, on file with the issuer, that indicates the owner's
interest in the money order.
SECTION 4. Section 73.101, Property Code, is amended by
amending Subsection (a) and adding Subsection (c) to read as
follows:
(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.
(c) If the account is a checking or savings account or is a
matured certificate of deposit, the account is presumed abandoned
if the account has been inactive for at least three years as
determined under Subsection (b)(1).
SECTION 5. This Act takes effect September 1, 2011.