2009 Texas Code
PROPERTY CODE
TITLE 6. UNCLAIMED PROPERTY
CHAPTER 72. ABANDONMENT OF PERSONAL PROPERTY  

PROPERTY CODE

TITLE 6. UNCLAIMED PROPERTY

CHAPTER 72. ABANDONMENT OF PERSONAL PROPERTY

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 72.001. APPLICATION OF CHAPTER. (a) Tangible or

intangible personal property is subject to this chapter if it is

covered by Section 72.101 and:

(1) the last known address of the apparent owner, as shown on

the records of the holder, is in this state;

(2) the records of the holder do not disclose the identity of

the person entitled to the property, and it is established that

the last known address of the person entitled to the property is

in this state;

(3) the records of the holder do not disclose the last known

address of the apparent owner, and it is established that:

(A) the last known address of the person entitled to the

property is in this state; or

(B) the holder is a domiciliary or a government or governmental

subdivision or agency of this state and has not previously paid

or delivered the property to the state of the last known address

of the apparent owner or other person entitled to the property;

(4) the last known address of the apparent owner, as shown on

the records of the holder, is in a state that does not provide by

law for the escheat or custodial taking of the property or is in

a state in which the state's escheat or unclaimed property law is

not applicable to the property, and the holder is a domiciliary

or a government or governmental subdivision or agency of this

state;

(5) the last known address of the apparent owner, as shown on

the records of the holder, is in a foreign nation and the holder

is a domiciliary or a government or governmental subdivision or

agency of this state; or

(6) the transaction out of which the property arose occurred in

this state and:

(A) the last known address of the apparent owner or other person

entitled to the property is:

(i) unknown; or

(ii) in a state that does not provide by law for the escheat or

custodial taking of the property or in a state in which the

state's escheat or unclaimed property law is not applicable to

the property; and

(B) the holder is a domiciliary of a state that does not provide

by law for the escheat or custodial taking of the property or a

state in which the state's escheat or unclaimed property law is

not applicable to the property.

(b) This chapter supplements other chapters in this title, and

each chapter shall be followed to the extent applicable.

(c) This chapter applies to property held by life insurance

companies with the exception of unclaimed proceeds to which

Chapter 1109, Insurance Code, applies and that are held by those

companies that are subject to Chapter 1109, Insurance Code.

(d) A holder of property presumed abandoned under this chapter

is subject to the procedures of Chapter 74.

(e) In this chapter, a holder is a person, wherever organized or

domiciled, who is:

(1) in possession of property that belongs to another;

(2) a trustee; or

(3) indebted to another on an obligation.

(f) In this chapter, a corporation shall be deemed to be a

domiciliary of the state of its incorporation.

Acts 1983, 68th Leg., p. 3592, ch. 576, Sec. 1, eff. Jan. 1,

1984. Amended by Acts 1985, 69th Leg., ch. 230, Sec. 7, eff.

Sept. 1, 1985; Acts 1987, 70th Leg., ch. 426, Sec. 2, eff. Sept.

1, 1987; Acts 1991, 72nd Leg., ch. 153, Sec. 5, eff. Sept. 1,

1991; Acts 2001, 77th Leg., ch. 1419, Sec. 30, eff. June 1, 2003.

SUBCHAPTER B. PRESUMPTION OF ABANDONMENT

Sec. 72.101. PERSONAL PROPERTY PRESUMED ABANDONED. (a) Except

as provided by this section and Sections 72.1015, 72.1016, 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.

(b)(1) The three-year period leading to a presumption of

abandonment of stock or another intangible ownership interest in

a business association, the existence of which is evidenced by

records available to the association, commences on the first date

that either a sum payable as a result of the ownership interest

is unclaimed by the owner or a communication to the owner is

returned undelivered by the United States Postal Service.

(2) The running of the three-year period of abandonment ceases

immediately on the exercise of an act of ownership interest or

sum payable or a communication with the association as evidenced

by a memorandum or other record on file with the association or

its agents.

(3) At the time an ownership is presumed abandoned under this

section, any sum then held for interest or owing to the owner as

a result of the interest and not previously presumed abandoned is

presumed abandoned.

(4) Any stock or other intangible ownership interest enrolled in

a plan that provides for the automatic reinvestment of dividends,

distributions, or other sums payable as a result of the ownership

interest is subject to the presumption of abandonment as provided

by this section.

(c) Property distributable in the course of a demutualization or

related reorganization of an insurance company is presumed

abandoned on the first anniversary of the date the property

becomes distributable if, at the time of the first distribution,

the last known address of the owner according to the records of

the holder of the property is known to be incorrect or the

distribution or statements related to the distribution are

returned by the post office as undeliverable and the owner has

not:

(1) communicated in writing with the holder of the property or

the holder's agent regarding the interest; or

(2) otherwise communicated with the holder regarding the

interest as evidenced by a memorandum or other record on file

with the holder or its agents.

(d) Property distributable in the course of a demutualization or

related reorganization of an insurance company that is not

subject to Subsection (c) is presumed abandoned as otherwise

provided by this section.

(e) This section does not apply to money collected as child

support that:

(1) is being held for disbursement by the state disbursement

unit under Chapter 234, Family Code, or a local registry, as

defined by Section 101.018, Family Code, pending identification

and location of the person to whom the money is owed; or

(2) has been disbursed by the state disbursement unit under

Chapter 234, Family Code, by electronic funds transfer into a

child support debit card account established for an individual

under Section 234.010, Family Code, but not activated by the

individual.

Acts 1983, 68th Leg., p. 3593, ch. 576, Sec. 1, eff. Jan. 1,

1984. Amended by Acts 1985, 69th Leg., ch. 230, Sec. 9, eff.

Sept. 1, 1985; Acts 1987, 70th Leg., ch. 426, Sec. 3, eff. Sept.

1, 1987; Acts 1991, 72nd Leg., ch. 153, Sec. 6, eff. Sept. 1,

1991; Acts 1993, 73rd Leg., ch. 36, Sec. 3.01, eff. Sept. 1,

1993; Acts 2003, 78th Leg., 3rd C.S., ch. 3, Sec. 2.01, 3.01,

eff. Jan. 11, 2004.

Amended by:

Acts 2005, 79th Leg., Ch.

81, Sec. 2, eff. September 1, 2005.

Acts 2009, 81st Leg., R.S., Ch.

551, Sec. 2, eff. June 19, 2009.

Acts 2009, 81st Leg., R.S., Ch.

767, Sec. 34, eff. June 19, 2009.

Sec. 72.1015. UNCLAIMED WAGES. (a) In this section, "wages"

has the meaning assigned by Section 61.001, Labor Code.

(b) An amount of unclaimed wages is presumed abandoned if, for

longer than one year:

(1) the existence and location of the person to whom the wages

are owed is unknown to the holder of the wages; and

(2) according to the knowledge and records of the holder of the

wages, a claim to the wages has not been asserted or an act of

ownership of the wages has not been exercised.

Added by Acts 2003, 78th Leg., 3rd C.S., ch. 3, Sec. 2.02, eff.

Jan. 11, 2004.

Sec. 72.1016. STORED VALUE CARD. (a) This section applies to a

stored value card, as defined by Section 604.001, Business &

Commerce Code, other than a card:

(1) to which Chapter 604, Business & Commerce Code, does not

apply by operation of Sections 604.002(1)(A) and (C) and

604.002(2)-(5) of that code; or

(2) that is linked to and draws its value solely from a deposit

account subject to Chapter 73.

(b) If the existence and location of the owner of a stored value

card is unknown to the holder of the property, the stored value

card is presumed abandoned to the extent of its unredeemed and

uncharged value on the earlier of:

(1) the card's expiration date;

(2) the third anniversary of the date the card was issued, if

the card is not used after it is issued, or the date the card was

last used or value was last added to the card; or

(3) the first anniversary of the date the card was issued, if

the card is not used after it is issued, or the date the card was

last used or value was last added to the card, if the card's

value represents wages, as defined by Section 61.001, Labor Code.

(c) If the person who sells or issues a stored value card in

this state does not obtain the name and address of the apparent

owner of the card and maintain a record of the owner's name and

address and the identification number of the card, the address of

the apparent owner is considered to be the Austin, Texas, address

of the comptroller.

(d) A person may charge a fee against a stored value card as

provided by Chapter 604, Business & Commerce Code. A fee may

not be charged against a stored value card after the card is

presumed abandoned under this section.

(e) The comptroller shall transfer five percent of the money

collected from cards presumed to be abandoned for use as grants

under Subchapter M, Chapter 56, Education Code.

(f) This section does not create a cause of action against a

person who issues or sells a stored value card.

Added by Acts 2005, 79th Leg., Ch.

81, Sec. 3, eff. September 1, 2005.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

885, Sec. 2.33, eff. April 1, 2009.

Sec. 72.102. TRAVELER'S CHECK AND MONEY ORDER. (a) A

traveler's check or money order is not presumed to be abandoned

under this chapter unless:

(1) the records of the issuer of the check or money order

indicate that it was purchased in this state;

(2) the issuer's principal place of business is in this state

and the issuer's records do not indicate the state in which the

check or money order was purchased; or

(3) the issuer's principal place of business is in this state,

the issuer's records indicate that the check or money order was

purchased in another state, and the laws of that state do not

provide for the escheat or custodial taking of the check or money

order.

(b) A traveler's check to which Subsection (a) applies is

presumed to be abandoned on the latest of:

(1) the 15th anniversary of the date on which the check was

issued;

(2) the 15th anniversary of the date on which the issuer of the

check last received from the owner of the check communication

concerning the check; or

(3) the 15th anniversary of the date of the last writing, on

file with the issuer, that indicates the owner's interest in the

check.

(c) A money order to which Subsection (a) applies is presumed to

be abandoned on the latest of:

(1) the seventh anniversary of the date on which the money order

was issued;

(2) the 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 seventh anniversary of the date of the last writing, on

file with the issuer, that indicates the owner's interest in the

money order.

Acts 1983, 68th Leg., p. 3593, ch. 576, Sec. 1, eff. Jan. 1,

1984. Amended by Acts 1985, 69th Leg., ch. 230, Sec. 10, eff.

Sept. 1, 1985; Acts 1997, 75th Leg., ch. 1037, Sec. 8, eff. Sept.

1, 1997; Acts 2001, 77th Leg., ch. 179, Sec. 1, eff. June 1,

2004.

Sec. 72.103. PRESERVATION OF PROPERTY. Notwithstanding any

other provision of this title except a provision of this section

or Section 72.1016 relating to a money order or a stored value

card, a holder of abandoned property shall preserve the property

and may not at any time, by any procedure, including a deduction

for service, maintenance, or other charge, transfer or convert to

the profits or assets of the holder or otherwise reduce the value

of the property. For purposes of this section, value is

determined as of the date of the last transaction or contact

concerning the property, except that in the case of a money

order, value is determined as of the date the property is

presumed abandoned under Section 72.102(c). If a holder imposes

service, maintenance, or other charges on a money order prior to

the time of presumed abandonment, such charges may not exceed the

amount of 50 cents per month for each month the money order

remains uncashed prior to the month in which the money order is

presumed abandoned.

Acts 1983, 68th Leg., p. 3594, ch. 576, Sec. 1, eff. Jan. 1,

1984. Amended by Acts 1985, 69th Leg., ch. 230, Sec. 11, eff.

Sept. 1, 1985; Acts 1997, 75th Leg., ch. 1037, Sec. 9, eff. Sept.

1, 1997; Acts 2001, 77th Leg., ch. 179, Sec. 2, eff. June 1,

2002.

Amended by:

Acts 2005, 79th Leg., Ch.

81, Sec. 4, eff. September 1, 2005.