Unclaimed Property in Texas
Locate TX unclaimed property to use in your business
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.
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.
Try: 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.
Try: 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.
Try: 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.
- 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.
Copyright © 2011 Business.com, Inc. All Rights Reserved.
