By Armbrister S.B. No. 1355
77R8527 CAS-F
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. Section 72.102(c), Property Code, is amended to
1-5 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
2-1 section, value is determined as of the date of the last transaction
2-2 or contact concerning the property, except that in the case of a
2-3 money order, value is determined as of the date the property is
2-4 presumed abandoned under Section 72.102(c).
2-5 SECTION 3. The change in law made by this Act to Section
2-6 72.102(c), Property Code, does not affect the status of a money
2-7 order that was presumed abandoned under Section 72.102(c), Property
2-8 Code, as that law existed immediately before the effective date of
2-9 this Act, and that law is continued in effect for that purpose.
2-10 SECTION 4. This Act takes effect September 1, 2001.