Accepted Answer

Three years, here's the law:

 

§ 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
property 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.

Expert:	DCrane
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Accepts:
Answered:	11/2/2009

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