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 cashier’s 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 comptroller’s Web site. In addition to the owner’s search, the agency, through postings on the agency’s 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 comptroller’s office sufficient proof of ownership, subject to the agency’s discretion.

Since May 2009, the comptroller’s 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 cashier’s or vendor checks, utility deposits, accounts receivable credit balances, refunds and rebates, and accounts payable. The agency’s 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 comptroller’s Web site at www.window.state.tx.us/up for additional information.

TML member cities may use the material herein for any purpose.
No other person or entity may reproduce, duplicate, or distribute any part of this document without the written authorization of the
Texas Municipal League.

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