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Unclaimed Personal Property Once the personal property is considered abandoned under the law, it must be reported to the Texas Comptroller. Texans can search for unclaimed property in their name through the Texas Comptroller's website and submit a claim.
(b) Abandoned property may be foreclosed on by a mortgagee or other secured party or a trustee without further court order. FindLaw Codes may not reflect the most recent version of the law in your jurisdiction.
Section 74.507 - Assistance of Claimant; Fee for Recovery (a) A person who informs a potential claimant that the claimant may be entitled to claim property that is reportable to the comptroller under this chapter, that has been reported to the comptroller, or that is in the possession of the comptroller may not ...
(a) A person who is required to file a property report under Section 74.101 in any year shall file a property report in each successive year. (b) If a person required to file a property report under this section is not holding any property that is reportable under this chapter, the person shall certify that fact.
Texas Unclaimed Property Due Diligence Requirements Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $250, written notice must be sent to the owners last known address by May 1.
For more information about the unclaimed property program, or to search for unclaimed property and begin the claims process, visit the Comptroller's unclaimed property website, ClaimItTexas.gov, or call 800-321-2274.
Sec. 71.001. ESCHEAT. (a) If an individual dies intestate and without heirs, the real and personal property of that individual is subject to escheat.
What is the three-year rule? That is the general escheat rule for personal property. Unclaimed personal property is considered abandoned if, for longer than three years, the location of the owner is unknown and a claim to the property has not been asserted.