Tex. Prop. Code Section 74.601
Unclaimed Money

(a)

The comptroller shall maintain a record that documents unclaimed money received under this chapter or any other statute requiring the delivery of unclaimed property to the comptroller.

(b)

The comptroller shall deposit to the credit of the general revenue fund:

(1)

all funds, including marketable securities, delivered to the comptroller under this chapter or any other statute requiring the delivery of unclaimed property to the comptroller;

(2)

all proceeds from the sale of any property, including marketable securities, under this chapter;

(3)

all funds that have escheated to the state under Chapter 71 (Escheat of Property), except that funds relating to escheated real property shall be deposited according to Section 71.202 (Disposition of Real Property); and

(4)

any income derived from investments of the unclaimed money.

(c)

The comptroller shall keep a separate record and accounting for delivered unclaimed property, other than money, before its sale.

(d)

Except as provided by Subsection (e), the comptroller shall from time to time invest the amount of unclaimed money in investments approved by law for the investment of state funds.

(e)

The comptroller may use the proceeds from the sale of securities delivered under this chapter to buy, exchange, invest, or reinvest in marketable securities. When making or selling the investments, the comptroller shall exercise the judgment and care of a prudent person.

(f)

The comptroller shall keep a separate record and accounting for securities delivered, sold, purchased, or exchanged and the proceeds and earnings from the securities.

(g)

If an owner does not assert a claim for unclaimed money and the owner is reported to be the state or a state agency, the comptroller may deposit the unclaimed money to the credit of the general revenue fund. The comptroller may establish procedures and adopt rules as necessary to implement this subsection.
Added by Acts 1985, 69th Leg., ch. 230, Sec. 17, eff. Sept. 1, 1985. Amended by Acts 1993, 73rd Leg., ch. 36, Sec. 3.11, eff. Sept. 1, 1993; Acts 1997, 75th Leg., ch. 1037, Sec. 32, eff. Sept. 1, 1997; Acts 1997, 75th Leg., ch. 1423, Sec. 16.32, eff. Sept. 1, 1997.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 232 (S.B. 1589), Sec. 4, eff. September 1, 2009.
Acts 2011, 82nd Leg., R.S., Ch. 685 (H.B. 257), Sec. 9, eff. September 1, 2011.
Acts 2021, 87th Leg., R.S., Ch. 52 (H.B. 1514), Sec. 16, eff. May 18, 2021.

Source: Section 74.601 — Unclaimed Money, https://statutes.­capitol.­texas.­gov/Docs/PR/htm/PR.­74.­htm#74.­601 (accessed Jun. 5, 2024).

74.001
Applicability 74.101
Property Report 74.102
Signed Statement 74.103
Retention of Records 74.104
Confidentiality of Property Report 74.105
Combined Reporting 74.106
Continuing Reporting Requirement 74.201
Required Notice 74.203
Authorized Notice 74.205
Charge for Notice 74.206
Advertising and Promotion 74.301
Delivery of Property to Comptroller 74.302
Statement of Delivered Property 74.304
Responsibility After Delivery 74.306
Unclaimed Property Held by Federal Government 74.307
List of Owners 74.308
Period of Limitation Not a Bar 74.309
Private Escheat Agreements Prohibited 74.401
Sale of Property 74.402
Notice of Sale 74.403
Purchaser’s Title 74.404
Sale of Military Awards and Decorations Prohibited 74.405
Disposition of Securities 74.501
Claim Filed with Comptroller 74.502
Claim Filed with Holder 74.503
Waiver of Claim Requirement 74.504
Hearing 74.506
Appeal 74.507
Assistance of Claimant 74.508
Claim of Another State to Recover Property 74.509
Handling Fee for Processing Unclaimed Property 74.601
Unclaimed Money 74.602
Use of Money 74.603
Audit 74.604
Disposition of Money Delivered to Comptroller from Certain Attorney Accounts 74.701
Rules 74.702
Examination of Records 74.703
Additional Personnel 74.704
Assistance in Enforcement 74.705
Interest 74.706
Penalty 74.707
Waiver or Abatement of Penalty or Interest 74.708
Property Held in Trust 74.709
Suit to Compel Delivery of Property and Civil Penalties 74.710
Criminal Offense 74.711
Authority to Take Testimony and Issue Administrative Subpoenas 74.712
Enforcement of Subpoenas 74.1011
Notice by Property Holder Required 74.3011
Delivery of Money to Rural Scholarship Fund 74.3012
Delivery of Money to Urban Scholarship Fund 74.3013
Delivery of Money for Rural Scholarship, Economic Development, and Energy Efficiency Assistance 74.3061
Escheat of Funds in the Possession of the United States 74.7021
Limitation Period for Examination
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 74.601’s source at texas​.gov