Governor's Message to the 56th legislature. Page: 14 of 41
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no heirs. Our laws further provide that, under specified conditions, a person is
presumed to be dead after 7 years. Therefore, any monies held for unknown heirs
for more than 7 years should be presumed to be the property of the State. To say
the least, it is not the property of the pipeline company, the insurance company,
the bank or other institution which has been holding and using the money for the
It is our duty to demand an accounting of these monies the same as any other
money which belongs to the State or to which the State may become entitled.
The Conservator Act would require all of such persons and institutions holding
unclaimed funds for more than 7 years to report and deliver them to the State
Treasury, whose receipt would relieve them from liability. Thereafter the funds
would be advertised in the locality from which received, and would be delivered by
the State to any lawful owners who might appear. In the meantime, the State would
use the money, maintaining a fund from which lawful claimants could be paid. That
which remained unclaimed would become the property of the State under our present
If promptly enacted, with recording and delivery dates before August 31, this
would further reduce the deficit by $20, 000, 000.
3. I recommend amendment of the Franchise Tax Law effective as soon as
possible, and certainly before May 1, so as to adopt a new formula for basis of the
tax on corporations engaged in interstate business, in accordance with the terms set
out in the report of the State Tax Study Commission, Report No. 5, page 15 (Final
Report,p. C-113). In this connection, the Tax Study Commission said:
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Price, Daniel. Governor's Message to the 56th legislature., book, January 21, 1959; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth5870/m1/14/: accessed September 21, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .