Unclaimed Property in Texas Basics
Locate TX unclaimed property for your business
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.
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.
Try: 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.
Try: 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.
Try: 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.
- 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.
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