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Can you summarize Tex. Prop. Chapter 71?
UNCLAIMED PROPERTY > ESCHEAT OF PROPERTY
Short Summary
The provided legal document content pertains to the disposition of escheated property in the state of Texas. If personal property is escheated to the state, the court issues a writ to the sheriff to seize the escheated property. The sheriff is then responsible for disposing of the personal property through a public auction, following the law regarding the sale of personal property under execution. The proceeds from the sale, after deducting court costs, are deposited into the State Treasury. This provision applies to courts, sheriffs, and individuals involved in the escheatment process. The document also mentions the disposition of real property that escheats to the state. Real property escheated before January 1, 1985, becomes part of the permanent school fund, while real property escheated on or after January 1, 1985, is held in trust by the Commissioner of the General Land Office for the use and benefit of the foundation school fund. The revenue generated from leases, sales, and use of the land held for the foundation school fund is deposited to the credit of the foundation school fund. The document further outlines the process for notifying the Commissioner of the General Land Office of judgments and appeals related to the recovery of real property. The commissioner is responsible for listing the escheated foundation school fund land or permanent school land based on certified copies of judgments or notices of affirmance on appeal. The document also mentions that the comptroller keeps an account of the money paid to and real property vested in the state under this chapter. No specific exemptions or penalties are mentioned in this document. The provided legal document content pertains to the recovery of escheated property in Texas. In a suit filed under Section 71.301, if a court finds that a claimant is entitled to recover personal property, the court shall order the comptroller to issue a warrant for payment of the claim without interest or costs. A copy of the court’s order under seal is sufficient for issuing the warrant. If real property escheats to the state, a person who was not personally served with citation in the escheat proceedings may file a suit in the district court of Travis County within two years of the final judgment in the escheat proceedings. The petition must be served on the attorney general, who represents the interests of the state. If the claimant is adjudged to be the owner of the property, the state is divested of the property. Additionally, suits brought for the collection of personal property delivered to the comptroller or for the possession of real property held in trust by the Commissioner of the General Land Office must be brought in the name of the state. The documents do not mention any specific exemptions or penalties related to the recovery of escheated property.
Whom does it apply to?
This provision applies to courts, sheriffs, and individuals involved in the escheatment process.
What does it govern?
The provided legal document content pertains to the disposition of escheated property in the state of Texas.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Texas