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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) All mineral proceeds that are held or owing by the holder and that have remained unclaimed by the owner for longer than three years after they became payable or distributable and the owner's underlying right to receive those mineral proceeds are presumed abandoned.
(b) At the time any owner's underlying right to receive mineral proceeds is presumed abandoned under this section, any mineral proceeds then held for or owing to the owner as a result of the underlying right and any mineral proceeds accruing after that time as a result of the underlying right and not previously presumed abandoned are presumed abandoned.
Cite this article: FindLaw.com - Texas Property Code - PROP § 75.101. Presumption of Abandonment - last updated January 01, 2024 | https://codes.findlaw.com/tx/property-code/prop-sect-75-101/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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