'Fkbtiarjr 11, 1976 "','

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.., The Honorable Jesse Jaxes State Treasurer LBJ State Officebuilding P. 0. Box 12608, Capitol Station Austin, Texas 78711

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Dear Mr. James':

. Opirii.on NO. li-%.

. Per Requirement8 for reporting and remitting dormant accounts to State Treasurer **under** article 327233,

V.T.C.S., **as** amended.

**.. You** have **asked**whether amendments to article 3272b, V.T.C.S., adopted by the 64th LegUlature, ,requiredepoaitories to report and to remit to the State Treasurer on or beforeMay 1, 1976,alldormant aocounts advertised in 1975 and not claimed by their rightful. owners. Article 3272b,.

V.T.C.S., dealswith the duties of depositorieswith regard to dormant or inactiveaccounts. Depositories are defined as banks, savingsand loan aesociations, or other organization8 that hold for others deposits of money or other personal property. Section 3 of the article requires each depository to publish in May of each year a newspaper notice of all accounts it holdswhich have been inactive formore than sevenyears and the whereabouts of the owners of which are unknown. The noticemust indicate that, if unclaimedwithin nine months, the accountsmay be subject to report to and conservationby the State Treasurer. The cost of the publication of such notice is charged to the dr;-mant

account.

p. 3286The Honorable Jeaae James - page 2 (H-778)

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Until 1975, article 3272b, aection 4 required that

depositoriesprepare and aubmit to the State Treasurer on or beforeMay 1 of each year two separate lists of dormant accounts on which notice had been published the preceding year under section 3 and which had remaineddormant and the whereabouts of the owner8 of whioh remainedunknown. One list conaiated of all such account8with a balance of $25 or less and other euch accountswith largerbelancea'aa the depositoryvoluntarily includedbecause the account8 did **not** warrant the further ooat **and effort**  neceaaary to locate the ownera. The depoaitorywaa required to rsmit to the State Treasurer all locounta included **on** this liat. The **second** list aubmittedby depoaitoriea connieted of those account8 of more than $25whioh were retained **by the**  depoaitorywhile efforts continued to locate the owner.
In 1975, the 64th Legislature **amended**section 4 to consolidate the two lieta into one. Act8 1975, 64th Leg., ch. 263,p. 630. The law eliminated the authority of depoaitories to 

### retainaccountawhile continuing ettorta to locate the owners and.required **each depository**  **to** remit on or before May 1 all account8R regardleaa of aise, on which notice had been publiahed thepreceding year, **and** which remaineddormant and thewhereabouts of the owner8 of which remained unknown. **Theae**changer took etfeot September 1, 3975. Apparently,your queation concerning the 1975 amendment arises from the fact that the lawmaking mandatory the remission of dormant account8 **over** 625 did not become effective until September 1, 1975. In our opinion, the September 1 effectivedate doea not affect the determination of whether such accounts shouldbe remitted beforeMay, 1976: The notice published in May, 1975 indicated that all accounts, regardleso of **else,** were subject to **being** reported to and conservedby the State Treasurer.

p.3287: The Honorable Jesse James - page 3 (H-778)

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Ue believe that all dormant accounts on which notice

was published inMay, 1975, under article 327233, section 3, V.T.C.S., and which remain dormant and the whereabouts of the owners of which remains unknown, shouldbe reported and remitted to the State Treasurer by May 1, 1976. A person claiming an intere,st in an account after ithas been remitted to the State Treasurer continues to have a right to file a claim and to receivepayment as provided in article 3272a, sections 6, 7, and 0.
SUMMARY Depositories are required to report and to remit to the State Treasurerby May 1, 1976, all dormant accounts on which notice was published in May, 1975, and which remain unclaimed by their owners. Very trulyyours,

A y$&75&~ JOHN L. HILL Attorney General of Texas ,/ APPROVED: ..

:z--,., ..~ yi: __,. ,... 2% “1~ I. d -_ UAVJD N.*KENDALL, First Assistant

r3pinion

Committee