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 Mar. 23, 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

Accessed:
Mar. 23, 2024

§ 74.601’s source at texas​.gov