Texas Business Organizations Code 11.355 – Notice of Escheat; Escheat
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(a) If no claimant has made satisfactory proof of a right to the money within the period prescribed by § 11.354(a), the comptroller shall publish in one issue of a newspaper of general circulation in Travis County a notice of the proposed escheat of the money.
(b) A notice published under Subsection (a) must contain:
(1) the name and last known address of any known creditor or owner entitled to the money;
(2) the amount of money deposited with the comptroller; and
(3) the name of the terminated filing entity from whose assets the money was derived.
Terms Used In Texas Business Organizations Code 11.355
- 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
- Entity: means a domestic entity or foreign entity. See Texas Business Organizations Code 1.002
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Property: includes tangible and intangible property and an interest in that property. See Texas Business Organizations Code 1.002
(c) If no claimant makes satisfactory proof to the comptroller of a right to the money before the 61st day after the date notice under this section is published, the money automatically escheats to and becomes the property of the state and shall be deposited in the general revenue fund.