When an individual dies intestate and without heirs, title to that person's real and personal property may vest in the State. On November 1 of each year, holders of personal property presumed abandoned as of the previous June 30 must deliver that property to the Comptroller with an accompanying report listing pertinent information, prescribed by statute, regarding the rightful owners. This report may be submitted in either hard copy, diskette, or magnetic tape format. Holders with 25 to 199 items to report are requested to use the agency's diskette reporting system. Holders with 200 or more items to report are requested to report by magnetic tape.
Unclaimed property can be any financial asset that appears to have been abandoned by the owner.
In Texas, the abandonment period for most types of property is three years . The variety of business relationships that can give rise to unclaimed property is much too great to attempt a complete listing here. The abandonment period is measured from the date at which the property became due and payable. It ceases immediately upon the exercise of an act of ownership by the owner regarding the property or any other documented communication with the owner. A new abandonment period commences on the same date the old one ended if the property was not delivered into the custody of the owner at that time.