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Unclaimed Property
NISD is required to report unclaimed property to the Texas Comptroller for items greater than or equal to $100. For items less than $100, NISD is required to track and post these items to the district website so that items may be claimed by the rightful owner. Information about unclaimed property is summarized below and can also be found on the Texas Comptroller's website: window.state.tx.us/up/.
What is unclaimed property?
Unclaimed Property can be any financial asset that appears to have been abandoned by the owner for one or more years. For example:
- Uncashed dividend, payroll or cashier's checks
- Stocks, mutual fund accounts, bonds
- Utility deposits and other refunds
- Bank accounts and safe deposit box contents
- Insurance proceeds
- Mineral interest or royalty payments
- Court deposits, trust funds, escrow accounts
Why does it go to the State?
The unclaimed property law, originally passed by the Texas Legislature in 1961, requires financial institutions, businesses, and government entities to report to the state, personal property they are holding that is considered abandoned or unclaimed.
The Texas Comptroller of Public Accounts is responsible for administering the Texas Unclaimed Property Program. Property is turned over to the Comptroller's office annually when the owner's whereabouts are unknown and the property has been inactive on the books of the reporting company between three and five years.
Unclaimed Property Statutes
Chapters 72 through 75 of the Texas Property Code govern the State of Texas Unclaimed Property Program. To view the statutes applying to the abandonment of property, property held by financial institutions, report delivery and claim process, or Texas minerals, go to the Texas Property Code and scroll down to Title 6, Unclaimed Property, then click on the appropriate chapter.
Chapter 76 of the Texas Property Code governs the Texas county, municipality, and independent school district (ISD) programs. To view the statute applying to the report, delivery, and claims process for properties held at the county, municipality, and ISD level, go to the Texas Property Code and scroll down to Title 6, Unclaimed Property, then, click on the link to Chapter 76.