2005 Texas Property Code CHAPTER 73. PROPERTY HELD BY FINANCIAL INSTITUTIONS

PROPERTY CODE

CHAPTER 73. PROPERTY HELD BY FINANCIAL INSTITUTIONS

SUBCHAPTER A. GENERAL PROVISIONS


	§ 73.001. DEFINITIONS AND APPLICATION OF CHAPTER.  (a) In 
this chapter:   
		(1)  "Account" means funds deposited with a depository 
in an interest-bearing account, a checking or savings account, or 
funds received by a depository in exchange for the purchase of a 
stored value card.
		(2)  "Depositor" means a person who has an ownership 
interest in an account.
		(3)  "Owner" means a person who has an ownership 
interest in a safe deposit box.
		(4)  "Holder" means a depository.                                             
		(5)  "Check" includes a draft, cashier's check, 
certified check, registered check, or similar instrument.
	(b)  This chapter supplements other chapters in this title, 
and each chapter shall be followed to the extent applicable.
	(c)  Any property, other than an account, check, or safe 
deposit box, held by a depository is subject to the abandonment 
provisions of Chapter 72.
	(d)  A holder of accounts, checks, or safe deposit boxes 
presumed abandoned under this chapter is subject to the procedures 
of Chapter 74.

Acts 1983, 68th Leg., p. 3607, ch. 576, § 1, eff. Jan. 1, 1984.  
Amended by Acts 1985, 69th Leg., ch. 230, § 13, eff. Sept. 1, 
1985;  Acts 1991, 72nd Leg., ch. 153, § 7, 8, eff. Sept. 1, 1991;  
Acts 1997, 75th Leg., ch. 1037, § 11, 12, eff. Sept. 1, 1997;  
Acts 2005, 79th Leg., ch. 81, § 5, eff. Sept. 1, 2005.


	§ 73.002. DEPOSITORY.  For the purposes of this chapter, 
a depository is a bank, savings and loan association, credit union, 
or other banking organization that:
		(1)  receives and holds a deposit of money or the 
equivalent of money in banking practice or other personal property 
in this state;  or
		(2)  receives and holds such a deposit or other 
personal property in another state for a person whose last known 
residence is in this state.

Acts 1983, 68th Leg., p. 3607, ch. 576, § 1, eff. Jan. 1, 1984.  
Amended by Acts 1997, 75th Leg., ch. 1037, § 13, eff. Sept. 1, 
1997.


	§ 73.003. PRESERVATION OF INACTIVE ACCOUNT OR SAFE 
DEPOSIT BOX.  (a) A depository shall preserve an account that is 
inactive and the contents of a safe deposit box that is inactive.  
The depository may not, at any time, by any procedure, including the 
imposition of a service charge, transfer or convert to the profits 
or assets of the depository or otherwise reduce the value of the 
account or the contents of such a box.  For purposes of this 
subsection, value is determined as of the date the account or safe 
deposit box becomes inactive.
	(b)  An account is inactive if for more than one year there 
has not been a debit or credit to the account because of an act by 
the depositor or an agent of the depositor, other than the 
depository, and the depositor has not communicated with the 
depository.  A safe deposit box is inactive if the rental on the box 
is delinquent.
	(c)  This section does not affect the provisions of 
Subchapter B, Chapter 59, Finance Code.

Acts 1983, 68th Leg., p. 3607, ch. 576, § 1, eff. Jan. 1, 1984.  
Amended by Acts 1984, 68th Leg., 2nd C.S., ch. 18, § 8(b), eff. 
Oct. 2, 1984;  Acts 1985, 69th Leg., ch. 230, § 14, eff. Sept. 1, 
1985;  Acts 1991, 72nd Leg., ch. 153, § 9, eff. Sept. 1, 1991;  
Acts 1993, 73rd Leg., ch. 36, § 3.02, eff. Sept. 1, 1993;  Acts 
1995, 74th Leg., ch. 914, § 11, eff. Sept. 1, 1995;  Acts 1997, 
75th Leg., ch. 1037, § 13, eff. Sept. 1, 1997;  Acts 1999, 76th 
Leg., ch. 62, § 7.85, eff. Sept. 1, 1999.

SUBCHAPTER B. PRESUMPTION OF ABANDONMENT


	§ 73.101. INACTIVE ACCOUNT OR SAFE DEPOSIT BOX PRESUMED 
ABANDONED.  (a) An account or safe deposit box is presumed 
abandoned if:
		(1)  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.
	(b)  For purposes of Subsection (a)(1):                                        
		(1)  an account becomes inactive beginning on the date 
of the depositor's last transaction or correspondence concerning 
the account;  and
		(2)  a safe deposit box becomes inactive beginning on 
the date a rental was due but not paid. 

Acts 1983, 68th Leg., p. 3607, ch. 576, § 1, eff. Jan. 1, 1984.  
Amended by Acts 1984, 68th Leg., 2nd C.S., ch. 18, § 8(d), eff. 
Oct. 2, 1984;  Acts 1985, 69th Leg., ch. 230, § 16, eff. Sept. 1, 
1985;  Acts 1991, 72nd Leg., ch. 153, § 11, 12, eff. Sept. 1, 
1991;  Acts 1997, 75th Leg., ch. 1037, § 14, eff. Sept. 1, 1997;  
Acts 1997, 75th Leg., ch. 1423, § 16.05, eff. Sept. 1, 1997.


	§ 73.102. CHECKS.  A check is presumed to be abandoned on 
the latest of:  
		(1)  the third anniversary of the date the check was 
payable;               
		(2)  the third anniversary of the date the issuer or 
payor of the check last received documented communication from the 
payee of the check;  or
		(3)  the third anniversary of the date the check was 
issued if, according to the knowledge and records of the issuer 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.

Added by Acts 1997, 75th Leg., ch. 1037, § 15, eff. Sept. 1, 
1997.