Texas Property Code 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.
(a-1) Tangible or intangible personal property is not subject to this chapter if it is a worthless or non-freely transferable security.
Terms Used In Texas Property Code 72.001
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- 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
- Personal property: All property that is not real property.
- Property: means real and personal property. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
(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.