By: Armbrister S.B. No. 1355
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to certain personal property that is presumed abandoned.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Subsection (c), Section 72.102, Property Code, is
1-5 amended to read as follows:
1-6 (c) A money order to which Subsection (a) applies is
1-7 presumed to be abandoned on the latest of:
1-8 (1) the seventh [fifth] anniversary of the date on
1-9 which the money order was issued;
1-10 (2) the seventh [fifth] anniversary of the date on
1-11 which the issuer of the money order last received from the owner of
1-12 the money order communication concerning the money order; or
1-13 (3) the seventh [fifth] anniversary of the date of the
1-14 last writing, on file with the issuer, that indicates the owner's
1-15 interest in the money order.
1-16 SECTION 2. Section 72.103, Property Code, is amended to read
1-17 as follows:
1-18 Sec. 72.103. PRESERVATION OF PROPERTY. Notwithstanding any
1-19 other provision of this title except a provision of this section
1-20 relating to a money order, a holder of abandoned property shall
1-21 preserve the property and may not at any time, by any procedure,
1-22 including a deduction for service, maintenance, or other charge,
1-23 transfer or convert to the profits or assets of the holder or
1-24 otherwise reduce the value of the property. For purposes of this
1-25 section, value is determined as of the date of the last transaction
2-1 or contact concerning the property, except that in the case of a
2-2 money order, value is determined as of the date the property is
2-3 presumed abandoned under Section 72.102(c). If a holder imposes
2-4 service, maintenance, or other charges on a money order prior to
2-5 the time of presumed abandonment, such charges may not exceed the
2-6 amount of 50 cents per month for each month the money order remains
2-7 uncashed prior to the month in which the money order is presumed
2-8 abandoned.
2-9 SECTION 3. The change in law made by Section 1 of this Act
2-10 to Subsection (c), Section 72.102, Property Code, does not affect
2-11 the status of a money order that was presumed abandoned under
2-12 Subsection (c), Section 72.102, Property Code, as that law existed
2-13 immediately before the effective date of Section 1 of this Act, and
2-14 that law is continued in effect for that purpose.
2-15 SECTION 4. Section 1 of this Act takes effect June 1, 2004.
2-16 Section 2 of this Act takes effect June 1, 2002.