TEXAS CITIES RECLAIM ABANDONED PROPERTY
Texas law provides that businesses, financial institutions, and government entities may retrieve abandoned and unclaimed property held by the Texas comptroller. Any financial asset, including but not limited to dividends, payroll or cashiers checks, stocks and bonds, and insurance proceeds that have been abandoned by the owner for one or more years, may be reclaimed by the owner. In order to find unclaimed property, owners may search for such property on the comptrollers Web site. In addition to the owners search, the agency, through postings on the agencys Web site, direct mail notices and annual newspaper advertising, attempts to find the rightful owners of abandoned and unclaimed property. The owners reclaiming property must then provide the Texas comptrollers office sufficient proof of ownership, subject to the agencys discretion.
Since May 2009, the comptrollers office has attempted to return unclaimed property to 395 local governments. The agency is still waiting for 150 of these claims to be returned and accepted by the cities. Both large and small cities are involved in this reclaiming process. The properties include claims concerning cashiers or vendor checks, utility deposits, accounts receivable credit balances, refunds and rebates, and accounts payable. The agencys staff continues to work diligently to allow Texas cities to reclaim their abandoned property.
The agency provides further information on the unclaimed property search procedure, reclaiming procedure, and appropriate fees for reclaiming property. Please visit the comptrollers Web site at www.window.state.tx.us/up for additional information.