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The Unclaimed Property Law, originally passed by the Texas Legislature in 1961, requires financial institutions, businesses, and government entities to report to the state personal property they are holding that is considered abandoned or unclaimed.
The is no time limit for claiming unclaimed property. The state of Texas government acts as custodian for the missing owners, holding the property in trust until it is claimed. Texas never takes legal ownership of the property, so there is no time limit for filing a claim.
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