Frequently Asked Questions
What is unclaimed property?
Unclaimed Property is any financial asset that has been abandoned by the owner for one or more years. Some examples of property that can become abandoned are:
- Dividend, payroll or cashier's checks
- Stocks, mutual fund accounts, bonds
- Utility deposits and other refunds
- Bank accounts and safe deposit box contents
- Insurance proceeds
- Mineral interest or royalty payments
- Court deposits, trust funds, escrow accounts
Why does it come to the State?
The unclaimed property law requires financial institutions, businesses, and government entities to report to the state, personal property they are holding that is considered abandoned or unclaimed.
The Texas Comptroller of Public Accounts is responsible for administering the Texas Unclaimed Property Program. Property is turned over to the Comptroller's office annually when the owner's whereabouts are unknown and the property has been inactive on the books of the reporting company after the appropriate abandonment period has expired.
Unclaimed Property Statutes
Title 6 of the Texas Property Code governs the State of Texas Unclaimed Property Program. To view the statutes, go to the Texas Legislature Online Web site and select Property Code and the appropriate chapter.
Chapters 72 through 75 apply to the reporting, delivery and claims process for abandoned property. Chapter 76 applies only to unclaimed property held and reported by Texas counties, municipalities, independent school districts and junior colleges.
Is there a time limit for claiming my property?
No, the Comptroller's office acts only as custodian for the missing owners, holding the property in trust until it is claimed. Texas never takes legal ownership of the property, so there is no time limit for filing a claim.