Texas Business Organizations Code 11.352 – Deposit With Comptroller of Amount Due Owners and Creditors Who Are Unknown or Cannot Be Located
(a) On the voluntary or involuntary termination of a domestic filing entity, the portion of the entity’s assets distributable to creditors or owners who are unknown or cannot be found after the exercise of reasonable diligence by a person responsible for the distribution in liquidation of the domestic filing entity‘s assets must be reduced to cash and deposited as provided by Subsection (b).
(b) Money from assets liquidated under Subsection (a) shall be deposited with the comptroller in a special account to be maintained by the comptroller. The money must be accompanied by a statement to the comptroller containing:
(1) the name and last known address of each person who is known to be entitled to all or part of the account;
(2) the amount of each entitled person’s distributive portion of the money; and
(3) other information about each person who is entitled to all or part of the money as the comptroller may reasonably require.
Terms Used In Texas Business Organizations Code 11.352
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Domestic: means , with respect to an entity, that the entity is formed under this code or the entity's internal affairs are governed by this code. See Texas Business Organizations Code 1.002
- Entity: means a domestic entity or foreign entity. See Texas Business Organizations Code 1.002
- Filing entity: means a domestic entity that is a corporation, limited partnership, limited liability company, professional association, cooperative, or real estate investment trust. See Texas Business Organizations Code 1.002
- Person: means an individual or a corporation, partnership, limited liability company, business trust, trust, association, or other organization, estate, government or governmental subdivision or agency, or other legal entity, or a protected series or registered series of a domestic limited liability company or foreign entity. See Texas Business Organizations Code 1.002
(c) The comptroller shall issue a receipt for money received under this section.