The first step to making the most of unclaimed property in Texas is to determine the department that tracks unclaimed property. This varies according to state and in Texas it is the Texas Comptroller of Public Accounts. Texas requires businesses and government entities to turn certain unclaimed property over to the state within three to five years. The holders of the property are required to provide the name and last known address for owners of abandoned property.

Texas unclaimed property held by a government entity and worth less than $100 dollars typically remains in the custody of that entity. Cities and counties in Texas typically maintain their own lists of unclaimed property which you will need to search separately.

Texas state unclaimed property generally falls into one of the following categories:

1. Liquid assets such as a uncashed checks, a bank account or the contents of a safe deposit box;

2. Abandoned property that the original owner is unlikely to claim, usually a wrecked vehicle or real estate with delinquent taxes;

3. Property confiscated by law enforcement, such as a drug or tax seizure

Action Steps
The best contacts and resources to help you get it done

Find agencies that handle state of Texas unclaimed property

Start at the state level if you are looking for property that belongs to a specific person and work down.

I recommend: The Texas Comptroller keeps a database of unclaimed property that it holds that allows you to search by name and city. You can find the current list for unclaimed property in Texas at Unclaimed Funds Processing.

Buy a vehicle in a TX unclaimed property auction

Look at the various auctions that occur regularly throughout Texas if you are interested in bidding on a car. Vehicles are typically the mainstays of unclaimed property auctions and consist of abandoned vehicles, vehicles seized by law enforcement and surplus vehicles.

I recommend: Austin Goodwill maintains a schedule of events in Central Texas which includes vehicle auctions. The San Antonio Police Department conducts regular auctions of items in its property room including vehicles.

Search for Texas unclaimed properties in your city

Most cities in Texas have a department that attempts to reunite unclaimed property with its owner. This department can answer specific questions regarding lost or abandoned property.

I recommend: Houston's controller tracks unclaimed funds that the city owes to individuals, cities and the state. The city of Waco keeps unclaimed funds of $100 or less and sends amounts greater than this to the state comptroller’s office.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in Texas to the state is called escheatment and legal documents may therefore refer to the property as escheat. Texas businesses usually encounter escheat in the form of an unclaimed pay check.

A court may classify unclaimed property in Texas as abandoned, lost or mislaid. These classifications have their origins in common law and can be difficult to interpret under modern legal systems. Legal documents may refer to the common law doctrine that ensures property is not left ownerless as escheat. Texas property owners usually have a superior claim to escheat than a trespasser who discovers the property.

There are specific forms and procedures to follow when claiming Texas unclaimed property. Generally, the state serves as the custodian for abandoned property in Texas until the appropriate agencies approve the finder’s claim on the abandoned property. Texas companies frequently lose property through misfortune or carelessness. Unclaimed property can be an inexpensive way to obtain business equipment.

There are general types of Texas state unclaimed property:

1. Liquid assets such as a dormant bank account, safe deposit contents, unclaimed deposits or refunds, uncashed checks and unused insurance benefits;

2. Abandoned property the original owner is unlikely to return to claim. Certain property such as wrecked cars, ships or aircraft may belong to the state;

3. Property confiscated by law enforcement or repossessed by a loan company. These items are frequently auctioned off to the public.

Action Steps
The best contacts and resources to help you get it done

Find agencies that handle state of Texas unclaimed property

Beware of sites that charge you a fee to help you find contact information for the Texas unclaimed property division. This information should be available from your state government at no charge.

I recommend: UnclaimedMoney.us.com allows you to search for unclaimed property by name or to select city and state. The Texas Treasury Department keeps a database of unclaimed property that you can search by name, business name and city.

Participate in an Texas unclaimed property auction

Most states have their own auctions to allow prospective buyers to bid on unclaimed or otherwise abandoned property.

I recommend: Carsfrom500.com allows you to search for government auctions in your area. You can specify zip code and a search radius. Bid4assets.com offers auctions on a variety of property that has been seized or forfeited to the U.S. Marshal’s Service.

Search for Texas unclaimed properties in your city

Some cities in Texas have a department that attempts to reunite unclaimed property with its owner. This department can answer specific questions regarding lost or abandoned property.

I recommend: You can find unclaimed funds of $100 or less that the city of Waco owes. The state comptroller’s office handles fund greater than $100. The controller’s office for Houston tracks individual, city and state unclaimed funds.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Unclaimed property in Texas that the owner deliberately hides or conceals may be a treasure trove instead of mislaid property. The property must remain concealed long enough for the owner to be dead or undiscoverable. A treasure trove may belong to the finder or the property owner.

Unclaimed property in Texas basics hold that unclaimed property may be any financial asset that is abandoned for one or more years. The unclaimed property laws require business, financial institutions and government entities to report any personal property they have been holding for a certain period of time known as the abandonment period.

The Texas Comptroller of Public Accounts administers state of Texas unclaimed property when the owner cannot be located and the appropriate abandonment period has expired. The state of Texas acts only as a custodian and never takes legal ownership of the property so there is no time limit for filing a claim. The state uses several methods to locate the owner, including newspaper advertisements and mailing notices to the owner's last known address.

There are three general types of Texas state unclaimed property:

1. Liquid assets that include bank accounts, refunds, stocks and bonds.

2. Abandoned property such as wrecked vehicles or real estate that the owner does not maintain.

3. Property confiscated by law enforcement. This may include evidence that is no longer needed or property seized as the result of a court judgement. These items are frequently auctioned off to the public.

Action Steps
The best contacts and resources to help you get it done

Find agencies that keep a Texas unclaimed property list

There are a number of resources that will allow you to locate unclaimed property. You should use caution with any sites that charge a fee as you can frequently obtain the information they provide for free.

I recommend: The City of Pearland maintains a list of individuals that it owes money to including name and the last known city of residence. The Texas Treasury Department maintains a database of unclaimed property that is searchable by name, business name and city.

Buy Texas unclaimed property at an auction

Most states conduct regular auctions of abandoned property. Texas auctions may include abandoned vehicles or property seized by law enforcement.

I recommend: Lone Star Auctioneers sells unclaimed property on a regular basis throughout Texas. Lone Star Online allows you to bid on unclaimed property from a variety of cities and businesses in Texas.

Start a search firm for Texas unclaimed properties

Texas law allows for firms to locate missing owners and charge a fee for their services. These companies are licensed and regulated by the Texas Department of Public Safety.

I recommend: You can find a list of questions and answers regarding the licensing of search firms at Texas Department of Public Safety. The Texas unclaimed property program is governed by chapters 72 through 75 of the Texas Property Code.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in Texas to the state is also called escheatment and this property may therefore be referred to as escheat. Texas business frequently handle escheat in the form of an unclaimed pay check which requires the company to file an unclaimed property report. The company must also make a good faith effort to find the owner.

Whether you used to live in Texas and forgot to get some deposits back, or you used to have family in the area and are wondering if anyone left you something, it's easy to check if you have unclaimed property in Texas. If you're an employer or employee in Texas, you also have certain rights and responsibilities regarding unclaimed property in the state. Either way, it'll help you in your search if you learn some unclaimed property in Texas key terms.

Action Steps
The best contacts and resources to help you get it done

Unclaimed property or escheatment

The Texas Comptroller is the legal entity that holds unclaimed or abandoned property until the owner collects it. The process by which the unclaimed property becomes property of the state is called escheatment. You can search for unclaimed property at the Comptroller's website.

I recommend: See if you have any property in Texas by performing a search at the Window on State Government page.

Reclaim

To reclaim your Texas property, you have to submit identification as well as documentation regarding the lost property. In the case of a death, you also have to provide a death certificate and heirship documents.

I recommend: Winmark Business Solutions discusses the process of reclaiming property in Texas.

Holder reporting

If you're a business owner in Texas and a former employee or renter has abandoned property with you, you're required to report the unclaimed property. You can do so by filling out an Unclaimed Property Secure Holder Reporting form.

I recommend: Keane has information about holder reporting requirements in Texas.

Time limits

Although many states place time limits on how long they will hold items, Texas does not impose any limits. That last paycheck or deposit will be waiting for you, even if it has been 20 years.

I recommend: Find out more about unclaimed property and time limits from Mark Kantrowitz.

Texas police auction

Some unclaimed property, like stolen goods that end up impounded at a police station, is put up for auction by police departments or government bodies in Texas.

I recommend: Find out about unclaimed property and other Texas auctions at Lone Star Auctioneers.

National Association of Unclaimed Property Administrators

If you are unsure of where you might have unclaimed property, you can search the National Association of Unclaimed Property Administrators (NAUPA) for your property.

I recommend: Enter your information at the National Association of Unclaimed Property Administrators' MissingMoney.com to see if there is unclaimed property waiting for you.