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78S30097 AJA-F
By: Swinford H.B. No. 18
A BILL TO BE ENTITLED
AN ACT
relating to the abandonment of proceeds from the demutualization 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 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 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 article takes effect immediately if this
Act 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 article takes effect on the 91st day after the last day
of the legislative session.