Texas Water Code 49.327 – Assets Escheat to State
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Water Code 49.327
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commission: means the Texas Natural Resource Conservation Commission. See Texas Water Code 49.001
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- District: means any district or authority created by authority of either Sections Texas Water Code 49.001
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Property: means real and personal property. See Texas Government Code 311.005
Upon the dissolution of a district by the commission, all assets of the district shall escheat to the State of Texas. The assets shall be administered by the comptroller and shall be disposed of in the manner provided by Chapter 74, Property Code.