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    2 people buy property together in tx.and one leaves . how long till the property abandonment law applies

    0  Views: 640 Answers: 1 Posted: 11 years ago

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    Personal Property Presumed Abandoned
    Texas Civil Code 72.101 describes the state's stance on abandoned property. It establishes that items must be left for a time period of greater than three years in order for them to be considered "abandoned." This law also stipulates that the existence and whereabouts of a property's owner must be unknown to the property's holder following a time span of three years, and that a claim to the property has not been made to the property holder's knowledge following the elapse of three years.


    Property
    Property in the state of Texas can either be tangible or intangible. Tangible property can take the form of land, structures or other physical items such as home or business furnishings, or items stored in safe deposit boxes. Intangible property is often financial in nature, and can be dividend payouts, bond maturation payments, tax refunds, trust accounts, insurance benefit payouts, royalty payments, mineral interests, deposits for utilities services or payouts from mutual funds.


    Read more: Abandoned Property Laws of Texas | eHow.com http://www.ehow.com/info_8711697_abandoned-property-laws-texas.html#ixzz2LTcXHJaV



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