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1962 Book 1 Texas Attorney General Reports and Opinions 1 (1962)

handle is hein.sag/sagtx0099 and id is 1 raw text is: 5435 >* HE AIroY GwirENERAL OF TEXAS AusTIN 11, TEXAS WILL WILSON ATTORNEY GENERAL January 2, 1962 Mr. Jesse James Opinion No. WW- 1232 State Treasurer Austin, Texas Re: Whether the provisions of Art. 3272a, V.C.S., re- quire the reporting of property in the form of indebtedness upon which the statutes of limitations Dear Mr. James: has run. The subject upon which you seek our advice is whether Article 3272a, V.C.S., originating in House Bill No. 5, Acts 57th Legislature, First Called Session, 1961, Chapter 21, page 25, requires the reporting of indebtedness against which a. statute of limitations has run. The question of the effect of statutes of limitation on escheat is one of first impression in Texas. It has, however, produced a plethora. of litigation in other jurisdictions. And, these decisions reveal a wide divergency of opinion. Be that as it may, our lodestar must be the law of Texas. Article 3272a, V.C.S., requires the reporting of personal property subject to escheat to the State Treasurer. Section 1 (b) of the statute defines personal property as follows: The term 'personal property' includes, but is not limited to money, stocks, bonds and other securities, bills of exchange, claims for money or indebtedness and other written evidences of indebtedness, dividends, de- posits, accrued interest, purchase payments, sums payable on certified checks, certificates of membership in a corporation or association, amounts due and payable under the terms of any insurance policy, security deposits, unclaim- ed refunds and deposits for utility or other services, funds to redeem stocks and bonds, undistributed profits, dividends, or other interests, production and proceeds from oil,

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