78S10203 AJA-D
By: Cook of Colorado H.B. No. 64
A BILL TO BE ENTITLED
AN ACT
relating to the abandonment of proceeds distributable on
reorganization of an insurance company.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 72.101, Property Code, is amended by
adding Subsections (c) and (d) to read as follows:
(c) Property distributable in the course of a
demutualization, rehabilitation, or related reorganization of an
insurance company is presumed abandoned on the first anniversary of
the date the property becomes distributable if, at the time of the
first distribution, the last known address of the owner according
to the records of the holder of the property is known to be
incorrect or the distribution or statements related to the
distribution are returned by the post office as undeliverable and
the owner has not:
(1) communicated in writing with the holder of the
property or the holder's agent regarding the interest; or
(2) otherwise communicated with the holder regarding
the interest as evidenced by a memorandum or other record on file
with the holder or its agents.
(d) Property distributable in the course of a
demutualization, rehabilitation, or related reorganization of an
insurance company that is not subject to Subsection (c) is presumed
abandoned as otherwise provided by this section.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect November 1, 2003.