Reposted from below:
I would consult a lawyer since the statute below reads "3 years."
Texas statute:
PROPERTY CODE
CHAPTER 72. ABANDONMENT OF PERSONAL PROPERTY
SUBCHAPTER A. GENERAL PROVISIONS
§ 72.001. APPLICATION OF CHAPTER. (a) Tangible or
intangible personal property is subject to this chapter if it is
covered by Section 72.101 and:
(1) the last known address of the apparent owner, as
shown on the records of the holder, is in this state;
(2) the records of the holder do not disclose the
identity of the person entitled to the property, and it is
established that the last known address of the person entitled to
the property is in this state;
(3) the records of the holder do not disclose the last
known address of the apparent owner, and it is established that:
(A) the last known address of the person entitled
to the property is in this state; or
(B) the holder is a domiciliary or a government
or governmental subdivision or agency of this state and has not
previously paid or delivered the property to the state of the last
known address of the apparent owner or other person entitled to the
property;
(4) the last known address of the apparent owner, as
shown on the records of the holder, is in a state that does not
provide by law for the escheat or custodial taking of the property
or is in a state in which the state's escheat or unclaimed property
law is not applicable to the property, and the holder is a
domiciliary or a government or governmental subdivision or agency
of this state;
(5) the last known address of the apparent owner, as
shown on the records of the holder, is in a foreign nation and the
holder is a domiciliary or a government or governmental subdivision
or agency of this state; or
(6) the transaction out of which the property arose
occurred in this state and:
(A) the last known address of the apparent owner
or other person entitled to the property is:
(i) unknown; or
(ii) in a state that does not provide by law
for the escheat or custodial taking of the property or in a state in
which the state's escheat or unclaimed property law is not
applicable to the property; and
(B) the holder is a domiciliary of a state that
does not provide by law for the escheat or custodial taking of the
property or a state in which the state's escheat or unclaimed
property law is not applicable to the property.
(b) This chapter supplements other chapters in this title,
and each chapter shall be followed to the extent applicable.
(c) This chapter applies to property held by life insurance
companies with the exception of unclaimed proceeds to which Chapter
1109, Insurance Code, applies and that are held by those companies
that are subject to Chapter 1109, Insurance Code.
(d) A holder of property presumed abandoned under this
chapter is subject to the procedures of Chapter 74.
(e) In this chapter, a holder is a person, wherever
organized or domiciled, who is:
(1) in possession of property that belongs to another;
(2) a trustee; or
(3) indebted to another on an obligation.
(f) In this chapter, a corporation shall be deemed to be a
domiciliary of the state of its incorporation.
Acts 1983, 68th Leg., p. 3592, ch. 576, § 1, eff. Jan. 1, 1984.
Amended by Acts 1985, 69th Leg., ch. 230, § 7, eff. Sept. 1,
1985; Acts 1987, 70th Leg., ch. 426, § 2, eff. Sept. 1, 1987;
Acts 1991, 72nd Leg., ch. 153, § 5, eff. Sept. 1, 1991; Acts
2001, 77th Leg., ch. 1419, § 30, eff. June 1, 2003.
SUBCHAPTER B. PRESUMPTION OF ABANDONMENT
§ 72.101. PERSONAL PROPERTY PRESUMED ABANDONED. (a)
Except as provided by this section and Sections 72.1015, 72.1016,
and 72.102, personal property is presumed abandoned if, for longer
than three years:
(1) the existence and location of the owner of the
prperty is unknown to the holder of the property; and
(2) according to the knowledge and records of the
holder of the property, a claim to the property has not been
asserted or an act of ownership of the property has not been
exercised.
(b)(1) The three-year period leading to a presumption of
abandonment of stock or another intangible ownership interest in a
business association, the existence of which is evidenced by
records available to the association, commences on the first date
that either a sum payable as a result of the ownership interest is
unclaimed by the owner or a communication to the owner is returned
undelivered by the United States Postal Service.
(2) The running of the three-year period of
abandonment ceases immediately on the exercise of an act of
ownership interest or sum payable or a communication with the
association as evidenced by a memorandum or other record on file
with the association or its agents.
(3) At the time an ownership is presumed abandoned
under this section, any sum then held for interest or owing to the
owner as a result of the interest and not previously presumed
abandoned is presumed abandoned.
(4) Any stock or other intangible ownership interest
enrolled in a plan that provides for the automatic reinvestment of
dividends, distributions, or other sums payable as a result of the
ownership interest is subject to the presumption of abandonment as
provided by this section.
(c) Property distributable in the course of a
demutualization or related reorganization of an insurance company
is presumed abandoned on the first anniversary of the date the
property becomes distributable if, at the time of the first
distribution, the last known address of the owner according to the
records of the holder of the property is known to be incorrect or
the distribution or statements related to the distribution are
returned by the post office as undeliverable and the owner has not:
(1) communicated in writing with the holder of the
property or the holder's agent regarding the interest; or
(2) otherwise communicated with the holder regarding
the interest as evidenced by a memorandum or other record on file
with the holder or its agents.
(d) Property distributable in the course of a
demutualization or related reorganization of an insurance company
that is not subject to Subsection (c) is presumed abandoned as
otherwise provided by this section.
Acts 1983, 68th Leg., p. 3593, ch. 576, § 1, eff. Jan. 1, 1984.
Amended by Acts 1985, 69th Leg., ch. 230, § 9, eff. Sept. 1,
1985; Acts 1987, 70th Leg., ch. 426, § 3, eff. Sept. 1, 1987;
Acts 1991, 72nd Leg., ch. 153, § 6, eff. Sept. 1, 1991; Acts
1993, 73rd Leg., ch. 36, § 3.01, eff. Sept. 1, 1993; Acts 2003,
78th Leg., 3rd C.S., ch. 3, § 2.01, 3.01, eff. Jan. 11, 2004;
Acts 2005, 79th Leg., ch. 81, § 2, eff. Sept. 1, 2005.
Caution: I have two brain cells. Sometimes they both work at the same time.