Tex. Bus. Orgs. Code § 11.352 · Subchapter H. CLAIMS RESOLUTION ON TERMINATION
DEPOSIT WITH COMPTROLLER OF AMOUNT DUE OWNERS AND CREDITORS WHO ARE UNKNOWN OR CANNOT BE LOCATED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
Notes and commentary — not statutory text
History
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BO/htm/BO.11.htm
- Text hash
- sha256 fa6128826ac7c07b63682a92004fe4143f457b4f065f613b8258a4377d225a18
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 2 provisions
Provisions in this library whose text cites Tex. Bus. Orgs. Code § 11.352. Each shows the citation as that text prints it.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.