Sec. 11.352. DEPOSIT WITH COMPTROLLER OF AMOUNT DUE OWNERS AND CREDITORS WHO ARE UNKNOWN OR CANNOT BE LOCATED. (a) On the voluntary or involuntary termination of a domestic filing entity, the portion of the entity's assets distributable to creditors or owners who are unknown or cannot be found after the exercise of reasonable diligence by a person responsible for the distribution in liquidation of the domestic filing entity's assets must be reduced to cash and deposited as provided by Subsection (b).
(b) Money from assets liquidated under Subsection (a) shall be deposited with the comptroller in a special account to be maintained by the comptroller. The money must be accompanied by a statement to the comptroller containing:
(1) the name and last known address of each person who is known to be entitled to all or part of the account;
(2) the amount of each entitled person's distributive portion of the money; and
(3) other information about each person who is entitled to all or part of the money as the comptroller may reasonably require.
(c) The comptroller shall issue a receipt for money received under this section.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 11 - Winding Up and Termination of Domestic Entity
Subchapter H. Claims Resolution on Termination
Section 11.351. Liability of Terminated Filing Entity
Section 11.353. Discharge of Liability of Person Responsible for Liquidation
Section 11.354. Payment From Account by Comptroller
Section 11.355. Notice of Escheat; Escheat
Section 11.356. Limited Survival After Termination
Section 11.357. Governing Persons of Entity During Limited Survival
Section 11.358. Accelerated Procedure for Existing Claim Resolution