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UNIVERSITY OF HOUSTON SYSTEM ADMINISTRATIVE MEMORANDUM
 

Summary: UNIVERSITY OF HOUSTON SYSTEM
ADMINISTRATIVE MEMORANDUM
SECTION: Fiscal Affairs NUMBER: 03.E.03
AREA: Physical Property
SUBJECT: Disposition of Abandoned and Unclaimed Personal Property
October 26, 1993; Revised January 31, 2008 Page 1 of 2
1. PURPOSE
To ensure compliance with the laws of the State of Texas concerning the identification
and disposition of abandoned and unclaimed property while under the control of the
system.
2. DEFINITION
2.1. Abandoned personal property is statutorily defined in the Texas Property Code,
72.001 et. seq. System policy is primarily concerned with 72.101 which covers
the abandonment of personal property, such as unclaimed checks (wages, vendor
payments, tuition) or deposits. Under 72.101, personal property which meets the
criteria set out in the property code is presumed abandoned, if for longer than
three years the existence and location of the owner of the property is unknown to
the System and no claim or act of ownership has been asserted. Traveler's checks
and money orders are presumed abandoned after a period of 15 and seven years,
respectively.

  

Source: Azevedo, Ricardo - Department of Biology and Biochemistry, University of Houston

 

Collections: Biology and Medicine; Environmental Sciences and Ecology