Property is generally considered abandoned or unclaimed if the existence and location of the owner is unknown for an extended period of time—often three years. Common types of unclaimed property are bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and safe deposit box contents. Once abandoned property is turned over to the state by a business, an individual then has the burden of reclaiming it from the state.
In Texas, property is deemed abandoned or unclaimed if there has been no activity or contact with the owner for a period typically set at three years. This includes various types of property such as inactive bank accounts, stocks, bonds, uncashed checks, insurance proceeds, wages, and contents of safe deposit boxes. Businesses holding such property are required to report and turn it over to the Texas Comptroller of Public Accounts after the dormancy period has passed. The Comptroller's office is responsible for safeguarding these assets until the rightful owner or heir claims them. Individuals seeking to reclaim their property must file a claim with the state, providing proof of ownership. Texas has an Unclaimed Property website where individuals can search for their property and learn about the claims process.
