Tex. Prop. Code § 74.708

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
Section 74.708 - Property Held in Trust

A holder who on March 1 holds property presumed abandoned under Chapters 72-75 holds the property in trust for the benefit of the state on behalf of the missing owner and is liable to the state for the full value of the property, plus any accrued interest and penalty. A holder is not required by this section to segregate or establish trust accounts for the property provided the property is timely delivered to the comptroller in accordance with Section 74.301.

Tex. Prop. Code § 74.708

Amended By Acts 2011, 82nd Leg., R.S., Ch. 685, Sec. 10, eff. 1/1/2013.
Added by Acts 1997, 75th Leg., ch. 1037, Sec. 36, eff. 9/1/1997.