It is the intent of the Texas state treasurer to enforce the unclaimed property statutes so that property presumed abandoned under those statutes is reported to and collected by the State of Texas, and returned to its rightful owner through an extensive advertising and investigative program. Transferring the unclaimed property and related information to the Texas state treasurer allows the property and information to be compiled in a single location for the convenience of the absent owner and makes it possible for the Texas state treasurer to better protect the interests of the missing owners. One of the purposes of the reporting requirements for mineral property is to learn of abandoned property that is located in Texas but owned by persons outside of Texas. These property interests can best be protected by an overseer and custodian that is located in the same state as the property. The State of Texas assumes responsibility for complying with the priority scheme of Texas v. New Jersey, 379 U.S. 674 (1965) with regard to this out-of-state owned mineral property. The State of Texas indemnifies the holder against claims by individuals or other states once the holder reports and delivers unclaimed property to the Texas state treasurer in accordance with the Property Code, Title 6. In order to administer the priority scheme of Texas v. New Jersey the following sections are implemented to supplement the procedures of the Property Code, Title 6, Chapter 74, and shall be followed by the Texas state treasurer reporting and delivering property belonging to other states.

Source Note:The provisions of this §13.5 adopted to be effective May 26, 1986, 11 TexReg 2249; transferred effective September 1, 1996, as published in the Texas Register October 16, 1998, 23 TexReg 10655.; transferred effective September 1, 1996, as published in the Texas Register October 16, 1998, 23 TexReg 10655.