Issue Date:
Revised Date: 2023-09-01

Legal Cites

Object Type

Cash — Personal Property

Origin Date

1962 by the 57th Leg., 3rd C.S.

Description

All bank accounts without a debit or credit and inactive safety deposit boxes with unpaid rent for a period of five years, that have not been claimed when properly advertised during the first month of May following the five year period are subject to escheat. Actual amounts of bank accounts, less charges for services performed by depository, are escheated. Contents of inactive safe deposit boxes (whose rental is delinquent) are sold to the highest bidder like other personal property and proceeds deposited as escheated. 

Money in abandoned Interest on Lawyers’ Trust Account (IOLTA) and unclaimed money in a client trust account held with a law firm. Deposited to Fund 0573 under sec. 74.604.

Due Date

On or before July 1.

Note

Safe deposit boxes added by S.B. 1156, 68th Leg., R.S.

Originally deposited to State Conservator Fund (No. 0164).

Deposit changed to Unclaimed Money Fund (No. 0551) by S.B. 906, 69th Leg., R.S. Revenue exceeding amounts deemed by the Treasurer as necessary to pay claims were allocated to General Revenue (No. 0001) and Foundation School Account (No. 0193) in equal amounts, at least once during each fiscal year.

Deposit changed to General Revenue 8-31-95 per Government Code § 403.094(h).

H.B. 247, 82nd Leg., R.S. changed due date to July 1.

IOLTA deposits added by S.B. 658, 88th Leg., R.S.

USAS Values

Appropriation Year 24
USAS Title ESCHEATED ESTATES
Receipt Category 02 – Personal Property
Receipt Type 90 – Other Receipts
Object Group 30 – Revenues
USAS Status A
Rev/Exp Category 27 – ESCHEATED ESTATES