Texas 2021 - 87th Regular

Texas House Bill HB1981 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		87R18696 MWC-D
2	2		By: Craddick H.B. No. 1981
	3	+	Substitute the following for H.B. No. 1981:
	4	+	By: Hefner C.S.H.B. No. 1981
3	5
4	6
5	7		A BILL TO BE ENTITLED
6	8		AN ACT
7	9		relating to the release by the comptroller of unclaimed property to
8	10		certain persons.
9	11		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	12		SECTION 1. Section 74.501, Property Code, is amended by
11	13		amending Subsection (d) and adding Subsection (d-1) to read as
12	14		follows:
13	15		(d) On receipt of a claim form and all necessary
14	16		documentation and as may be appropriate under the circumstances,
15	17		the comptroller may approve the claim of:
16	18		(1) the reported owner of the property;
17	19		(2) if the reported owner died testate:
18	20		(A) the appropriate legal beneficiaries of the
19	21		owner as provided by the last will and testament of the owner that
20	22		has been accepted into probate or filed as a muniment of title; or
21	23		(B) the executor of the owner's last will and
22	24		testament who holds current letters testamentary;
23	25		(3) if the reported owner died intestate:
24	26		(A) the legal heirs of the owner as provided by
25	27		Sections 201.001 and 201.002, Estates Code; or
26	28		(B) the court-appointed administrator of the
27	29		owner's estate, if the administrator was appointed before the
28	30		fourth anniversary of the date of the death of the owner;
29	31		(4) the legal heirs of the reported owner as
30	32		established by an affidavit of heirship order signed by a judge of
31	33		the county probate court or by a county judge;
32	34		(5) if the reported owner is a minor child or an adult
33	35		who has been adjudged incompetent by a court of law, the parent or
34	36		legal guardian of the child or adult;
35	37		(6) if the reported owner is a corporation:
36	38		(A) the president or chair of the board of
37	39		directors of the corporation, on behalf of the corporation; or
38	40		(B) any person who has legal authority to act on
39	41		behalf of the corporation;
40	42		(7) if the reported owner is a corporation that has
41	43		been dissolved or liquidated:
42	44		(A) the sole surviving shareholder of the
43	45		corporation, if there is only one surviving shareholder;
44	46		(B) the surviving shareholders of the
45	47		corporation in proportion to their ownership of the corporation, if
46	48		there is more than one surviving shareholder;
47	49		(C) the corporation's bankruptcy trustee; or
48	50		(D) the court-ordered receiver for the
49	51		corporation; [or]
50	52		(8) a person holding a limited power of attorney from
51	53		the reported owner or the owner's heirs that:
52	54		(A) authorizes the person to receive the
53	55		unclaimed property; and
54	56		(B) is signed and attested by witnesses in
55	57		accordance with Subsection (d-1); or
56	58		(9) any other person that is entitled to receive the
57	59		unclaimed property under other law or comptroller policy.
58	60		(d-1) A limited power of attorney described by Subsection
59	61		(d)(8) must be attested by two or more credible witnesses who are at
60	62		least 14 years of age and who subscribe their names to the power of
61	63		attorney in their own handwriting in the presence of the reported
62	64		owner or the reported owner's heirs. The signature of each
63	65		attesting witness must be notarized. Each witness shall provide to
64	66		the notary public the witness's current name, physical address,
65	67		telephone number, and driver's license number and state of
66	68		issuance, if any.
67	69		SECTION 2. Section 74.501(e), Property Code, as amended by
68	70		Chapters 267 (S.B. 1420) and 897 (H.B. 3598), Acts of the 86th
69	71		Legislature, Regular Session, 2019, is reenacted and amended to
70	72		read as follows:
71	73		(e) Except as provided by Subsection (f) or Section 551.051,
72	74		Estates Code, the comptroller may not pay to the following persons a
73	75		claim to which this section applies:
74	76		(1) a creditor, a judgment creditor, a lienholder, or
75	77		an assignee of the reported owner or of the owner's heirs; or
76	78		(2) [a person holding a power of attorney from the
77	79		reported owner or the owner's heirs; or
78	80		[(3)] a person attempting to make a claim on behalf of
79	81		a corporation that was previously forfeited, dissolved, or
80	82		terminated, if the comptroller finds that:
81	83		(A) the corporation was revived for the purpose
82	84		of making a claim under this section; and
83	85		(B) the person submitting the claim was not an
84	86		authorized representative of the corporation at the time of the
85	87		corporation's forfeiture, dissolution, or termination.
86	88		SECTION 3. To the extent of any conflict, this Act prevails
87	89		over another Act of the 87th Legislature, Regular Session, 2021,
88	90		relating to nonsubstantive additions to and corrections in enacted
89	91		codes.
90	92		SECTION 4. This Act takes effect September 1, 2021.