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Texas Business Organizations Code - BUS ORG § 11.352. Deposit with Comptroller of Amount Due Owners and Creditors Who Are Unknown or Cannot Be Located

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) On the voluntary or involuntary termination of a domestic filing entity, the portion of the entity's assets distributable to creditors or owners who are unknown or cannot be found after the exercise of reasonable diligence by a person responsible for the distribution in liquidation of the domestic filing entity's assets must be reduced to cash and deposited as provided by Subsection (b).

(b) Money from assets liquidated under Subsection (a) shall be deposited with the comptroller in a special account to be maintained by the comptroller.  The money must be accompanied by a statement to the comptroller containing:

(1) the name and last known address of each person who is known to be entitled to all or part of the account;

(2) the amount of each entitled person's distributive portion of the money;  and

(3) other information about each person who is entitled to all or part of the money as the comptroller may reasonably require.

(c) The comptroller shall issue a receipt for money received under this section.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 11.352. Deposit with Comptroller of Amount Due Owners and Creditors Who Are Unknown or Cannot Be Located - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-11-352/

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