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The first step towards forfeiture is issuing a notice to the shareholder. The company must provide a written notice to the shareholder stating the amount due, including any interest, and give them a specific date by which they must make the payment. This date must be at least 14 days from the date of the notice.
The property may be cash, a car, personal belongings, or even a house. Under Texas law, an asset forfeiture proceeding is civil and the property, not the owner, is charged with involvement in a crime.
Forfeiture is a legal mechanism whereby the government can take property that is used or acquired illegally, especially property associated with illicit drug trafficking.
Civil asset forfeiture is the legal process that allows law enforcement to take property they believe is used or intended to be used in committing certain crimes. The owners of the property do not have to be charged with a crime for the property to be taken.
Art. 59.04. NOTIFICATION OF FORFEITURE PROCEEDING. (a) If a peace officer seizes property under this chapter, the attorney representing the state shall commence proceedings under this section not later than the 30th day after the date of the seizure.