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A BILL TO BE ENTITLED
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AN ACT
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relating to the release by the comptroller of unclaimed property to |
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certain persons. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 74.501(d), Property Code, is amended to |
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read as follows: |
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(d) On receipt of a claim form and all necessary |
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documentation and as may be appropriate under the circumstances, |
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the comptroller may approve the claim of: |
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(1) the reported owner of the property; |
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(2) if the reported owner died testate: |
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(A) the appropriate legal beneficiaries of the |
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owner as provided by the last will and testament of the owner that |
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has been accepted into probate or filed as a muniment of title; or |
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(B) the executor of the owner's last will and |
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testament who holds current letters testamentary; |
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(3) if the reported owner died intestate: |
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(A) the legal heirs of the owner as provided by |
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Sections 201.001 and 201.002, Estates Code; or |
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(B) the court-appointed administrator of the |
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owner's estate, if the administrator was appointed before the |
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fourth anniversary of the date of the death of the owner; |
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(4) the legal heirs of the reported owner as |
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established by an affidavit of heirship order signed by a judge of |
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the county probate court or by a county judge; |
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(5) if the reported owner is a minor child or an adult |
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who has been adjudged incompetent by a court of law, the parent or |
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legal guardian of the child or adult; |
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(6) if the reported owner is a corporation: |
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(A) the president or chair of the board of |
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directors of the corporation, on behalf of the corporation; or |
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(B) any person who has legal authority to act on |
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behalf of the corporation; |
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(7) if the reported owner is a corporation that has |
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been dissolved or liquidated: |
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(A) the sole surviving shareholder of the |
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corporation, if there is only one surviving shareholder; |
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(B) the surviving shareholders of the |
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corporation in proportion to their ownership of the corporation, if |
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there is more than one surviving shareholder; |
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(C) the corporation's bankruptcy trustee; or |
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(D) the court-ordered receiver for the |
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corporation; [or] |
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(8) a person holding a limited power of attorney from |
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the reported owner or the owner's heirs that authorizes the person |
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to receive the unclaimed property; or |
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(9) any other person that is entitled to receive the |
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unclaimed property under other law or comptroller policy. |
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SECTION 2. Section 74.501(e), Property Code, as amended by |
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Chapters 267 (S.B. 1420) and 897 (H.B. 3598), Acts of the 86th |
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Legislature, Regular Session, 2019, is reenacted and amended to |
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read as follows: |
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(e) Except as provided by Subsection (f) or Section 551.051, |
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Estates Code, the comptroller may not pay to the following persons a |
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claim to which this section applies: |
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(1) a creditor, a judgment creditor, a lienholder, or |
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an assignee of the reported owner or of the owner's heirs; or |
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(2) [a person holding a power of attorney from the |
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reported owner or the owner's heirs; or |
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[(3)] a person attempting to make a claim on behalf of |
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a corporation that was previously forfeited, dissolved, or |
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terminated, if the comptroller finds that: |
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(A) the corporation was revived for the purpose |
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of making a claim under this section; and |
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(B) the person submitting the claim was not an |
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authorized representative of the corporation at the time of the |
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corporation's forfeiture, dissolution, or termination. |
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SECTION 3. To the extent of any conflict, this Act prevails |
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over another Act of the 87th Legislature, Regular Session, 2021, |
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relating to nonsubstantive additions to and corrections in enacted |
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codes. |
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SECTION 4. This Act takes effect September 1, 2021. |