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A BILL TO BE ENTITLED
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AN ACT
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relating to the escheat of United States savings bonds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 74, Property Code, is amended by adding |
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Subchapter G-1 to read as follows: |
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SUBCHAPTER G-1. ESCHEAT OF UNITED STATES SAVINGS BONDS |
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Sec. 74.651. DEFINITION. In this subchapter, "United |
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States savings bond" means property, tangible or intangible, in the |
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form of a savings bond issued by the United States Treasury whether |
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in paper form, electronic form, or paperless form, including all |
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proceeds of the savings bond. |
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Sec. 74.652. ELIGIBILITY TO ESCHEAT TO STATE. |
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Notwithstanding any other law, a United States savings bond that is |
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presumed abandoned under this title, including a savings bond in |
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the possession of the comptroller or a lost, stolen, or destroyed |
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savings bond registered to a person with a last known address in the |
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state, is eligible to escheat to the state if the savings bond has |
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remained: |
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(1) unredeemed for at least three years after the date |
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of maturity; and |
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(2) unclaimed for at least three years after being |
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presumed abandoned. |
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Sec. 74.653. CIVIL ACTION FOR ESCHEAT. (a) Except as |
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provided by this subsection, not later than the 180th day after the |
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date a United States savings bond becomes eligible to escheat to the |
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state under Section 74.652, if a claim has not been filed under this |
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chapter for the savings bond, the comptroller shall commence a |
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civil action in a district court in Travis County or in any other |
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court of competent jurisdiction for a determination that the |
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savings bond has escheated to the state. The comptroller may |
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postpone bringing the action until sufficient United States savings |
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bonds have accumulated in the comptroller's custody to justify the |
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expense of the proceedings. On request of the comptroller, the |
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attorney general shall represent the comptroller in the civil |
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action. |
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(b) Citation in the action shall be by publication in |
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accordance with the Texas Rules of Civil Procedure. |
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(c) If a claim for the United States savings bond is not |
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filed with the court or the court determines that a claimant is not |
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entitled to the savings bond, and if the court is satisfied by |
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evidence that the comptroller has substantially complied with the |
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laws of this state, the court shall enter a judgment that the |
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savings bond has escheated to the state. If the savings bond |
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escheats to the state, all property rights and legal title to and |
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ownership of the savings bond and proceeds of the savings bond, |
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including all rights, powers, and privileges of survivorship of any |
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owner, co-owner, or beneficiary, vest solely in the state. |
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Sec. 74.654. REDEMPTION OF ESCHEATED SAVINGS BOND. (a) If |
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the court enters a judgment that a United States savings bond has |
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escheated to the state under Section 74.653, the comptroller shall |
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redeem the savings bond. |
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(b) The comptroller shall first pay all costs incident to |
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the collection and recovery of the proceeds from the proceeds of the |
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bond and shall promptly deposit the remaining proceeds in the |
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general revenue fund. |
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Sec. 74.655. CLAIM AFTER ESCHEAT. (a) After a court has |
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entered a judgment that a United States savings bond has escheated |
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to the state under Section 74.653, a person may file a claim for the |
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savings bond or proceeds from the savings bond with the |
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comptroller. If the claimant provides sufficient proof of the |
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validity of the claim, the comptroller may, in the comptroller's |
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sole discretion, pay the claim less any expenses and costs that the |
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state incurred in securing full title to and ownership of the |
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savings bond or proceeds from the savings bond. |
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(b) If a payment has been made to a claimant under this |
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section, an action may not be maintained by any other claimant |
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against the state or any officer of the state for the savings bond |
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or proceeds from the savings bond or on account of the payment. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2015. |