Sec. 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.
Added by Acts 1997, 75th Leg., ch. 1037, Sec. 36, eff. Sept. 1, 1997.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 685 (H.B. 257), Sec. 10, eff. January 1, 2013.
Structure Texas Statutes
Chapter 74 - Report, Delivery, and Claims Process
Section 74.702. Examination of Records
Section 74.7021. Limitation Period for Examination
Section 74.703. Additional Personnel
Section 74.704. Assistance in Enforcement
Section 74.707. Waiver or Abatement of Penalty or Interest
Section 74.708. Property Held in Trust
Section 74.709. Suit to Compel Delivery of Property and Civil Penalties
Section 74.710. Criminal Offense
Section 74.711. Authority to Take Testimony and Issue Administrative Subpoenas