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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