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Terms Used In Texas Finance Code 154.302

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
  • Contract: A legal written agreement that becomes binding when signed.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
  • Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
  • Year: means 12 consecutive months. See Texas Government Code 311.005

On March 1 of each year, a seller that holds money presumed abandoned under § 154.301(b) shall furnish the commissioner with an acknowledged written notice of the abandoned money not later than the following June 1. The notice must include:
(1) the name and address, if known, of each person who appears to be the purchaser or the beneficiary of the contract;
(2) the identification number, if any, of the contract;
(3) the total amount paid on the contract;
(4) the amount paid on the contract and held at the depository;
(5) the earnings of the contract; and
(6) a statement by the seller recognizing the seller’s obligation and intent to deliver the abandoned money to the comptroller in accordance with this subchapter.