Texas Property Code 74.705 – Interest
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A holder who fails to pay or deliver property within the time prescribed by this chapter shall pay to the comptroller interest, at an annual rate of 10 percent, on the property from the date the property should have been paid or delivered until the date the property is actually paid or delivered.
(b) to (e) Deleted by Acts 1997, 75th Leg., ch. 1037, Sec. 33, eff. Sept. 1, 1997.
Terms Used In Texas Property Code 74.705
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- 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
- Property: means real and personal property. See Texas Government Code 311.005
(f) A person is exempt from payment of interest under Subsection (a) if the person’s action or omission is in connection with the person’s official duties as an officer or employee of a political subdivision of this state.
(g) In this section, “person” does not include a local governmental entity or an officer or employee of a local governmental entity who is performing the officer’s or employee’s official duties for the local governmental entity.