2015 Indiana Code TITLE 32. PROPERTY ARTICLE 34. LOST OR UNCLAIMED PERSONAL PROPERTY CHAPTER 1. UNCLAIMED PROPERTY ACT
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IC 32-34
ARTICLE 34. LOST OR UNCLAIMED PERSONAL
PROPERTY
IC 32-34-1
Chapter 1. Unclaimed Property Act
IC 32-34-1-1
Nonapplicability of foreign country property arising out of a
foreign transaction; excepted property
Sec. 1. (a) This chapter does not apply to any property held, due,
and owing in a foreign country and arising out of a foreign
transaction.
(b) This chapter does not apply to:
(1) stocks;
(2) dividends;
(3) capital credits;
(4) patronage refunds;
(5) utility deposits;
(6) membership fees;
(7) account balances; or
(8) book equities;
for which the owner cannot be found and that are the result of
distributable savings of a rural electric membership corporation
formed under IC 8-1-13, a rural telephone cooperative corporation
formed under IC 8-1-17, or an agricultural cooperative association
formed under IC 15-12-1.
(c) This chapter does not apply to unclaimed overpayments of
utility bills that become the property of a municipality under
IC 36-9-23-28.5.
(d) This chapter does not apply to deposits required by a
municipally owned utility (as defined in IC 8-1-2-1).
(e) This chapter does not apply to a business to business credit
memorandum or a credit balance resulting from a business to
business credit memorandum.
(f) This chapter does not apply to gift certificates or gift cards.
As added by P.L.2-2002, SEC.19. Amended by P.L.107-2003, SEC.1;
P.L.2-2008, SEC.70.
IC 32-34-1-2
Citation of law as "unclaimed property act"
Sec. 2. This chapter may be cited as the "unclaimed property act".
As added by P.L.2-2002, SEC.19.
IC 32-34-1-3
"Administrator" defined
Sec. 3. As used in this chapter, "administrator" means the
administrator of the unclaimed property law of another state.
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As added by P.L.2-2002, SEC.19.
IC 32-34-1-4
"Apparent owner"
Sec. 4. As used in this chapter, "apparent owner" means a person
whose name appears on the records of a holder as the person entitled
to property held, issued, or owing by the holder.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-5
"Business association"
Sec. 5. As used in this chapter, "business association" means the
following:
(1) A corporation.
(2) A limited liability company.
(3) A joint stock company.
(4) An investment company.
(5) A partnership.
(6) A business trust.
(7) A trust company.
(8) A savings association.
(9) A savings bank.
(10) An industrial bank.
(11) A land bank.
(12) A safe deposit company.
(13) A safekeeping depository.
(14) A bank.
(15) A banking organization.
(16) A financial organization.
(17) An insurance company.
(18) A mutual fund.
(19) A credit union.
(20) A utility.
(21) A for profit or nonprofit business association consisting of
two (2) or more individuals.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-6
"Domicile"
Sec. 6. As used in this chapter, "domicile" means the following:
(1) The state of incorporation of a corporation.
(2) The state of the principal place of business of a holder other
than a corporation.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-7
"Financial institution"
Sec. 7. As used in this chapter, "financial institution" means a
depository financial institution that is organized or reorganized under
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Indiana law, the law of another state, or United States law. The term
includes any of the following:
(1) A commercial bank.
(2) A trust company.
(3) A savings bank.
(4) A savings association.
(5) A credit union.
(6) An industrial loan and investment company.
(7) Any other entity that has powers similar to the powers of an
entity described in subdivisions (1) through (6).
As added by P.L.2-2002, SEC.19.
IC 32-34-1-8
"Holder"
Sec. 8. As used in this chapter, "holder" means a person obligated
to deliver or pay to the owner property that is subject to this chapter.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-9
"Insurance company"
Sec. 9. As used in this chapter, "insurance company" means an
association, a corporation, or a fraternal or mutual benefit
organization, whether or not for profit, that is engaged in the business
of providing insurance, including the following:
(1) Accident insurance.
(2) Burial insurance.
(3) Casualty insurance.
(4) Credit life insurance.
(5) Contract performance insurance.
(6) Dental insurance.
(7) Fidelity insurance.
(8) Fire insurance.
(9) Health insurance.
(10) Hospitalization insurance.
(11) Illness insurance.
(12) Life insurance (including endowments and annuities).
(13) Malpractice insurance.
(14) Marine insurance.
(15) Mortgage insurance.
(16) Surety insurance.
(17) Wage protection insurance.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-9.1
"Interest bearing property"
Sec. 9.1. As used in this chapter, "interest bearing property" means
one (1) of the following:
(1) An interest bearing checking account.
(2) A savings account.
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(3) A certificate of deposit.
(4) A money market account.
As added by P.L.56-2014, SEC.2.
IC 32-34-1-10
"Last known address"
Sec. 10. (a) As used in sections 26, 32, and 43 of this chapter, "last
known address" means a description of the location of the apparent
owner's residence or business sufficient for the purpose of the
delivery of mail or the receipt of a communication by other means
known to the holder.
(b) As used in sections 21 and 37 of this chapter, "last known
address" means a description indicating that the apparent owner was
located within Indiana, regardless of whether the description is
sufficient to direct the delivery of mail.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-11
"Mineral"
Sec. 11. As used in this chapter, "mineral" means any of the
following:
(1) Gas.
(2) Oil.
(3) Coal.
(4) Other gaseous, liquid, and solid hydrocarbons.
(5) Shale.
(6) Oil shale.
(7) Cement material.
(8) Sand and gravel.
(9) Road material.
(10) Building stone.
(11) Chemical substance.
(12) Gemstone.
(13) Metallic, fissionable, and nonfissionable ores.
(14) Colloidal and other clay.
(15) Steam and other geothermal resource.
(16) Any other substance defined as a mineral under Indiana
law.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-12
"Mineral proceeds"
Sec. 12. As used in this chapter, "mineral proceeds" means
proceeds currently payable and unclaimed and, upon the
abandonment of those proceeds, all proceeds that would have become
payable, including the following:
(1) Obligations to pay resulting from the extraction, production,
or sale of minerals, including the following:
(A) Net revenue interests.
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(B) Royalties.
(C) Overriding royalties.
(D) Extraction and production payments.
(E) Joint operating agreements.
(F) Pooling arrangements.
(2) Obligations for the acquisition and retention of a mineral
lease, including the following:
(A) Bonuses.
(B) Delay rentals.
(C) Shut-in royalties.
(D) Minimum royalties.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-13
"Money order"
Sec. 13. (a) As used in this chapter, "money order" includes an
express money order and a personal money order on which the
remitter is the purchaser.
(b) The term does not include the following:
(1) A bank money order on which the remitter is the purchaser.
(2) A bank money order or any other instrument sold by a
banking or financial institution if the seller has obtained the
name and address of the payee.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-14
"Owner"
Sec. 14. (a) As used in this chapter, "owner" means:
(1) a person who has a legal or an equitable interest in property
subject to this chapter; or
(2) the person's legal representative.
(b) The term includes the following:
(1) A depositor in the case of property that is a deposit.
(2) A beneficiary in the case of property that is a trust other than
a deposit in trust.
(3) A creditor, claimant, or payee in the case of other property.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-15
"Person"
Sec. 15. As used in this chapter, "person" means an individual, a
corporation, a business trust, an estate, a trust, a partnership, an
association, a joint venture, a government, a governmental
subdivision, agency, or instrumentality, a public corporation, a joint
or common owner, or any other legal or commercial entity.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-16
"Political subdivision"
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Sec. 16. (a) As used in section 47 of this chapter, "political
subdivision" includes any Indiana municipality, county, civil
township, civil incorporated city or town, public school corporation,
state educational institution, or any other territorial subdivision of the
state recognized or designated in any law, including the following:
(1) Judicial circuits.
(2) A public utility entity not privately owned.
(3) A special taxing district or entity.
(4) A public improvement district authority or entity authorized
to levy taxes or assessments.
(b) The term does not include any retirement system supported
entirely or in part by the state.
As added by P.L.2-2002, SEC.19. Amended by P.L.2-2007, SEC.366.
IC 32-34-1-17
"Property"
Sec. 17. (a) This section does not apply to section 24 of this
chapter.
(b) As used in this chapter, "property" means an interest in
intangible personal property, except an unliquidated claim, and all
income or increment derived from the interest, including an interest
that is referred to as or evidenced by:
(1) money, a check, a draft, a deposit, an interest, or a dividend;
(2) a credit balance, a customer overpayment, a security deposit,
a refund, a credit memorandum other than a business to business
credit memorandum, an unpaid wage, an unused airline ticket,
mineral proceeds, or an unidentified remittance;
(3) stock and other ownership interest in a business association;
(4) a bond, debenture, note, or other evidence of indebtedness;
(5) money deposited to redeem stocks, bonds, coupons, and
other securities or to make distributions;
(6) an amount due and payable under the terms of an insurance
policy; and
(7) an amount distributable from a trust or custodial fund
established under a plan to provide:
(A) health;
(B) welfare;
(C) pension;
(D) vacation;
(E) severance;
(F) retirement;
(G) death;
(H) stock purchase;
(I) profit sharing;
(J) employee savings;
(K) supplemental unemployment insurance; or
(L) similar;
benefits.
(c) The term does not include transactions between business
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entities and:
(1) a motor carrier (as defined in IC 8-2.1-17-10); or
(2) a carrier (as defined in 49 U.S.C. 13102(3)).
As added by P.L.2-2002, SEC.19. Amended by P.L.64-2010, SEC.1.
IC 32-34-1-18
"State"
Sec. 18. As used in this chapter, "state" means a state of the United
States or its instrumentalities, the District of Columbia, the
Commonwealth of Puerto Rico, or any territory or insular possession
subject to the jurisdiction of the United States.
As added by P.L.2-2002, SEC.19. Amended by P.L.47-2015, SEC.1.
IC 32-34-1-19
"Utility"
Sec. 19. As used in this chapter, "utility" means a person that owns
or operates for public use any plant, equipment, property, franchise,
or license for the transmission of communications or for the
production, storage, transmission, sale, delivery, or furnishing of
electricity, water, steam, or gas.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-20
Owner indication of interest in property; presumption of
abandonment
Sec. 20. (a) For purposes of this section, an indication of interest
in the property by the owner:
(1) does not include a communication with an owner by an
agent of the holder who has not identified in writing the
property to the owner; and
(2) includes the following:
(A) With respect to an account or underlying shares of stock
or other interest in a business association or financial
organization:
(i) the cashing of a dividend check or other instrument of
payment received; or
(ii) evidence that the distribution has been received if the
distribution was made by electronic or similar means.
(B) A deposit to or withdrawal from a bank account.
(C) The payment of a premium with respect to a property
interest in an insurance policy.
(D) The mailing of any correspondence in writing from a
financial institution to the owner, including:
(i) a statement;
(ii) a report of interest paid or credited; or
(iii) any other written advice;
relating to a demand, savings, or matured time deposit
account, including a deposit account that is automatically
renewable, or any other account or other property the owner
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has with the financial institution if the correspondence is not
returned to the financial institution for nondelivery.
(E) Any activity by the owner that concerns:
(i) another demand, savings, or matured time deposit
account or other account that the owner has with a
financial institution, including any activity by the owner
that results in an increase or decrease in the amount of any
other account; or
(ii) any other relationship with the financial institution,
including the payment of any amounts due on a loan;
if the mailing address for the owner contained in the
financial institution's books and records is the same for both
an inactive account and for a related account.
(b) The application of an automatic premium loan provision or
other nonforfeiture provision contained in an insurance policy does
not prevent the policy from maturing or terminating if the insured has
died or the insured or the beneficiary of the policy otherwise has
become entitled to the proceeds before the depletion of the cash
surrender value of the policy by the application of those provisions.
(c) Property that is held, issued, or owed in the ordinary course of
a holder's business is presumed abandoned if the owner or apparent
owner has not communicated in writing with the holder concerning
the property or has not otherwise given an indication of interest in the
property during the following times:
(1) For traveler's checks, fifteen (15) years after issuance.
(2) For money orders, seven (7) years after issuance.
(3) For consumer credits, three (3) years after the credit
becomes payable.
(4) For amounts owed by an insurer on a life or an endowment
insurance policy or an annuity contract:
(A) if the policy or contract has matured or terminated, three
(3) years after the obligation to pay arose; or
(B) if the policy or contract is payable upon proof of death,
three (3) years after the insured has attained, or would have
attained if living, the limiting age under the mortality table
on which the reserve is based.
(5) For property distributable by a business association in a
course of dissolution, one (1) year after the property becomes
distributable.
(6) For property or proceeds held by a court or a court clerk,
five (5) years after the property or proceeds become
distributable. The property or proceeds must be treated as
unclaimed property under IC 32-34-3.
(7) For property held by a state or other government,
governmental subdivision or agency, or public corporation or
other public authority, one (1) year after the property becomes
distributable.
(8) For compensation for personal services, one (1) year after
the compensation becomes payable.
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(9) For deposits and refunds held for subscribers by utilities, one
(1) year after the deposits or refunds became payable.
(10) For stock, dividends, profits, distributions, interest,
redemption, payments on principal, or any other sum held or
owed by a business association for or to a shareholder,
certificate holder, member, bondholder, or other security holders
of the business association, or other interest in a business
association, three (3) years after the earlier of:
(A) the date of the last dividend, stock split, or other
distribution unclaimed by the apparent owner; or
(B) the date of the second mailing of a statement of account
or other notification or communication that was:
(i) returned as undeliverable; or
(ii) made after the holder discontinued mailings to the
apparent owner.
(11) For property in an individual retirement account or another
account or plan that is qualified for tax deferral under the
Internal Revenue Code, three (3) years after the earliest of:
(A) the actual date of the distribution or attempted
distribution;
(B) the distribution date as stated in the plan or trust
agreement governing the plan; or
(C) the date specified in the Internal Revenue Code by which
distribution must begin in order to avoid a tax penalty.
(12) For a demand, savings, or matured time deposit, including
a deposit that is automatically renewable, three (3) years after
maturity or three (3) years after the date of the last indication by
the owner of interest in the property, whichever is earlier.
Property that is automatically renewable is considered matured
for purposes of this section upon the expiration of its initial
period, unless the owner has consented to a renewal at or about
the time of the renewal and the consent is in writing or is
evidenced by a memorandum or other record on file with the
holder.
(13) For property payable or distributable in the course of a
demutualization, rehabilitation, or related reorganization of a
mutual insurance company, three (3) years after the earlier of:
(A) the date of last contact with the policyholder; or
(B) the date the property became payable or distributable.
(14) For United States savings bonds, three (3) years after the
date the bonds stop earning interest.
(15) For all other property, the earlier of three (3) years after:
(A) the owner's right to demand the property; or
(B) the obligation to pay or distribute the property;
arose.
(d) Property is payable or distributed for purposes of this chapter
notwithstanding the owner's failure to make demand or present an
instrument or a document otherwise required to receive payment.
As added by P.L.2-2002, SEC.19. Amended by P.L.107-2003, SEC.2;
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P.L.224-2003, SEC.113; P.L.97-2004, SEC.109; P.L.85-2005,
SEC.1; P.L.64-2010, SEC.2; P.L.47-2015, SEC.2.
IC 32-34-1-20.5
United States savings bonds; escheat to the state; claims
Sec. 20.5. (a) Notwithstanding section 29(b) of this chapter,
United States savings bonds that are presumed abandoned under
section 20 of this chapter become unclaimed property and escheat to
the state subject to the provisions of this chapter. All property rights
and legal title to:
(1) United States savings bonds; and
(2) proceeds from United States savings bonds;
vest solely in the state.
(b) If:
(1) a claim has not been filed for a United States savings bond
in accordance with the provisions of this chapter within one
hundred eighty (180) days after the date the bond stops earning
interest as described in section 20(c)(14) of this chapter; and
(2) the attorney general brings an action under section 51 of this
chapter;
the court shall enter a judgment for the state concerning the bond if
the court is satisfied by the evidence that the attorney general has
substantially complied with the laws of the state.
(c) The attorney general shall:
(1) collect any United States savings bonds escheated to the
state, including any proceeds from the bonds; and
(2) transfer all money received to the treasurer of state for
deposit in the abandoned property fund under section 33 of this
chapter.
(d) A person who wishes to make a claim for a United States
savings bond escheated to the state under this section may file a claim
with the attorney general. Upon providing sufficient proof of the
validity of a person's claim filed under this subsection, the attorney
general may pay the claim, less any expenses and costs that have
been incurred by the state in securing full title and ownership of the
property by escheat.
(e) If payment has been made to a claimant under subsection (d),
an action may not be brought or maintained against the state, or any
officer of the state, for or on account of any acts taken by the attorney
general under this section.
As added by P.L.47-2015, SEC.3.
IC 32-34-1-21
Property subject to custody of state as unclaimed property
Sec. 21. (a) Except as provided in subsection (b) or (c) or another
state statute, property located in Indiana or another state is subject to
the custody of this state as unclaimed property if the property is
presumed abandoned and if:
(1) the last known address of the apparent owner, as shown on
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the records of the holder, is in Indiana;
(2) the records of the holder do not reflect the identity of the
person entitled to the property and it is established that the last
known address of the person entitled to the property is in
Indiana;
(3) the records of the holder do not reflect the last known
address of the apparent owner and it is established that:
(A) the last known address of the person entitled to the
property is in Indiana; or
(B) the holder is a domiciliary or a government or
governmental subdivision or agency of this state and has not
previously paid or delivered the property to the state of the
last known address of the apparent owner or other person
entitled to the property;
(4) the last known address of the apparent owner, as shown on
the records of the holder, is in a state that does not provide for
the escheat or custodial taking of the property and the holder is
a domiciliary or a government or governmental subdivision or
agency of this state;
(5) the last known address of the apparent owner, as shown on
the records of the holder, is in a foreign country and the holder
is a domiciliary or a government or governmental subdivision
or agency of this state;
(6) the transaction out of which the property arose occurred in
Indiana, the holder is a domiciliary of a state that does not
provide for the escheat or custodial taking of the property, and
the last known address of the apparent owner or other person
entitled to the property is:
(A) unknown; or
(B) in a state that does not provide for the escheat or
custodial taking of the property; or
(7) the property is a traveler's check or money order:
(A) purchased in Indiana; or
(B) for which the issuer of the traveler's check or money
order has its principal place of business in Indiana and the
issuer's records:
(i) do not show the state in which the instrument was
purchased; or
(ii) show that the instrument was purchased in a state that
does not provide for the escheat or custodial taking of the
property.
(b) Tangible property held in a safe deposit box or any other
safekeeping depository in Indiana that is presumed abandoned is
subject to the custody of this state regardless of the last known
address of the apparent owner.
(c) Tangible property held in a safe deposit box or any other
safekeeping depository in another state that is presumed abandoned
is subject to the custody of this state if:
(1) the last known address of the owner is in Indiana; and
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(2) the property is located in a state that does not provide for the
escheat or custodial taking of the property.
As added by P.L.2-2002, SEC.19. Amended by P.L.46-2013, SEC.1.
IC 32-34-1-22
Dormancy charges
Sec. 22. (a) A holder may not deduct a charge from property that
is presumed abandoned if the charge is imposed because the owner
failed to claim the property within a specified time unless:
(1) there is a valid and enforceable written contract between the
holder and the owner that allows the holder to impose the
charge; and
(2) the holder regularly imposes the charge, and the charge is
not regularly reversed or otherwise canceled.
(b) If a holder described in this section is a financial institution,
the dormancy charges of the department of financial institutions
apply.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-23
Prima facie evidence of an obligation; attorney general's burden of
proof; affirmative defenses
Sec. 23. (a) A record that a check, draft, or similar instrument was
issued is prima facie evidence of an obligation.
(b) If the attorney general claims property from a holder who is
also the issuer, the attorney general's burden of proof as to the
existence and amount of the property and the abandonment of the
property is satisfied by showing the following:
(1) That the instrument was issued.
(2) That the required period of time of abandonment has passed.
(c) For purposes of this section, the defenses of:
(1) payment;
(2) satisfaction;
(3) discharge; and
(4) want of consideration;
are affirmative defenses that must be established by the holder.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-24
Property in safe deposit box or safekeeping depository
Sec. 24. If:
(1) tangible or intangible property that is held in a safe deposit
box or any other safekeeping depository in Indiana in the
ordinary course of the holder's business; or
(2) the proceeds resulting from the sale of the property
described in subdivision (1) as authorized by other law;
remain unclaimed by the owner for more than three (3) years after
expiration of the lease or rental period on the box or other depository,
the property or proceeds are presumed abandoned.
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As added by P.L.2-2002, SEC.19. Amended by P.L.46-2013, SEC.2.
IC 32-34-1-25
Voluntary dissolution of business association, banking
organization, or financial institution
Sec. 25. Any:
(1) business association;
(2) banking organization; or
(3) financial institution;
that is organized under Indiana law or created in Indiana and that
undergoes voluntary dissolution shall file a notice of the voluntary
dissolution with the attorney general not later than ten (10) days after
the adoption by the members or shareholders of the resolution to
dissolve.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-26
Report of property presumed abandoned
Sec. 26. (a) A holder of property that is presumed abandoned and
that is subject to custody as unclaimed property under this chapter
shall report in writing to the attorney general concerning the property.
Items of value of less than fifty dollars ($50) may be reported by the
holder in the aggregate.
(b) For each item with a value of at least fifty dollars ($50), the
report required under subsection (a) must be verified and must
include the following:
(1) The apparent owner's:
(A) name, if known;
(B) last known address, if any; and
(C) Social Security number or taxpayer identification
number, if readily ascertainable.
(2) In the case of the contents of a safe deposit box or other
safekeeping depository of tangible property:
(A) a description of the property;
(B) the place where the property is held and may be
inspected by the attorney general; and
(C) any amount that is owed to the holder.
(3) The date:
(A) the property became payable, demandable, or returnable;
and
(B) of the last transaction with the apparent owner with
respect to the property.
(4) Other information that the attorney general requires by rules
adopted under IC 4-22-2 as necessary for the administration of
this chapter.
(c) If:
(1) a holder of property that is presumed abandoned and that is
subject to custody as unclaimed property is a successor to
another person who previously held the property for the
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apparent owner; or
(2) the holder has changed its name while holding the property;
the holder shall file with the report required by subsection (a) the
former names of the holder, if any, and the known name and address
of any previous holder of the property.
(d) The attorney general shall establish filing dates for the report
required by subsection (a).
(e) The holder of property that is presumed abandoned and that is
subject to custody as unclaimed property under this chapter shall, not
more than one hundred twenty (120) days or less than sixty (60) days
before filing the report required by subsection (a), send written notice
to the apparent owner of the property stating that the holder is in
possession of property subject to this chapter if:
(1) the holder has a record of an address for the apparent owner
that the holder's records do not show as inaccurate;
(2) the claim of the apparent owner is not barred by the statute
of limitations; and
(3) the value of the property is at least fifty dollars ($50).
(f) Before the date of filing the report required by subsection (a),
the holder may request the attorney general to extend the time for
filing the report. The attorney general may grant the extension upon
a showing of good cause. The holder, upon receipt of the extension,
may make an interim payment on the amount the holder estimates
will ultimately be due. The making of an interim payment under this
subsection suspends the accrual of interest on the amount.
(g) The holder shall file with the report an affidavit stating that the
holder has complied with this section.
(h) The report required under this section shall be submitted
electronically in a format approved by the attorney general.
As added by P.L.2-2002, SEC.19. Amended by P.L.107-2003, SEC.3;
P.L.46-2013, SEC.3.
IC 32-34-1-27
Payment or delivery of property to attorney general; automatically
renewable deposits; liability
Sec. 27. (a) Except as provided in subsections (b) and (c), on the
date a report is filed under section 26 of this chapter, the holder shall
pay or deliver to the attorney general the property that is described in
the report as unclaimed.
(b) In the case of an automatically renewable deposit, if at the time
of delivery under subsection (a) a penalty or forfeiture in the payment
of interest would result from the delivery of the property, the time for
delivery is extended until the earliest date upon which a penalty or
forfeiture would not result.
(c) Tangible property held in a safe deposit box or other
safekeeping depository shall be delivered to the attorney general not
later than thirty (30) days after the date the report describing the
property under section 26 of this chapter is filed.
(d) If the property reported to the attorney general is a security or
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security entitlement under IC 26-1-8.1, the attorney general may
make an endorsement, instruction, or entitlement order on behalf of
the apparent owner to invoke the duty of the issuer or its transfer
agent or the securities intermediary to transfer or dispose of the
security or the security entitlement in accordance with IC 26-1-8.1.
(e) If the holder of property reported to the attorney general is the
issuer of a certificated security, the attorney general has the right to
obtain a replacement certificate under IC 26-1-8.1-405, and an
indemnity bond is not required.
(f) An issuer, the holder, and any transfer agent or other person
acting under the instructions of and on behalf of the issuer in
accordance with this section are not liable to the apparent owner and
must be indemnified against the claims of any person in accordance
with section 29 of this chapter.
(g) Payment or delivery of property shall be made in the manner
specified by the attorney general.
As added by P.L.2-2002, SEC.19. Amended by P.L.46-2013, SEC.4;
P.L.56-2014, SEC.3.
IC 32-34-1-28
Publication of notice requirements; exceptions
Sec. 28. (a) Except as provided in subsection (e), the attorney
general shall publish a notice not later than November 30 of the year
immediately following the year in which unclaimed property has
been paid or delivered to the attorney general.
(b) Except as provided in subsection (c), the notice required by
subsection (a) must be published at least once each week for two (2)
successive weeks in a newspaper of general circulation published in
the county in Indiana of the last known address of any person named
in the notice.
(c) If the holder does not report an address for the apparent owner
or reports an address outside Indiana, the attorney general shall
publish the notice:
(1) at least once each week for two (2) successive weeks in a
newspaper of general circulation published in:
(A) the county in which the holder has its principal place of
business within Indiana; or
(B) any other county that the attorney general may
reasonably select; or
(2) electronically on the attorney general's web site for a period
that the attorney general may reasonably select, but in no case
for a period less than two (2) weeks.
(d) The advertised notice required by this section must be in a
form that, in the judgment of the attorney general, will attract the
attention of the apparent owner of the unclaimed property and must
contain the following information:
(1) The name of each person appearing to be an owner of
property that is presumed abandoned, as set forth in the report
filed by the holder.
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(2) The last known address or location of each person appearing
to be an owner of property that is presumed abandoned, if an
address or a location is set forth in the report filed by the holder.
(3) A statement explaining that the property of the owner is
presumed to be abandoned and has been taken into the
protective custody of the attorney general.
(4) A statement that information about the abandoned property
and its return to the owner is available, upon request, from the
attorney general, to a person having a legal or beneficial interest
in the property.
(e) The attorney general is not required to publish the following
in the notice:
(1) Any item with a value of less than one hundred dollars
($100).
(2) Information concerning a traveler's check, money order, or
any similar instrument.
(3) Property reported as a result of a demutualization of an
insurance company.
As added by P.L.2-2002, SEC.19. Amended by P.L.107-2003, SEC.4;
P.L.81-2004, SEC.27; P.L.64-2007, SEC.2.
IC 32-34-1-28.5
Unclaimed property resulting from demutualization of insurance
company; notice
Sec. 28.5. (a) The attorney general shall publish a notice not later
than November 30 of the year immediately following the year in
which unclaimed property as a result of a demutualization of an
insurance company has been paid or delivered to the attorney general.
(b) The notice required by subsection (a) must be published at
least once in a newspaper of general circulation published in the
county of Indiana of the last known address of any person named in
the notice.
(c) If the holder does not report an address for the apparent owner,
the notice must be published in the county in which the holder has its
principal place of business within Indiana or any other county that the
attorney general may reasonably select.
(d) The advertised notice required by this section must be in a
form that, in the judgment of the attorney general, will attract the
attention of the apparent owner of the unclaimed property. The
advertised notice is not subject to the rate prescribed in IC 5-3-1-1.
The rate may not be higher than the rate set in IC 5-3-1-1.
(e) The advertised notice must contain the following information:
(1) The name of each person appearing to be an owner of
property that is presumed abandoned, as set forth in the report
filed by the holder.
(2) The last known address or location of each person appearing
to be an owner of property that is presumed abandoned, if an
address or a location is set forth in the report filed by the holder.
(3) A statement explaining that the property of the owner is
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presumed to be abandoned and has been taken into protective
custody of the attorney general.
(4) A statement that information about the abandoned property
and its return to the owner is available, upon request, from the
attorney general, to a person having a legal or beneficial interest
in the property.
(f) The attorney general is not required to include any item with
a value of less than one hundred dollars ($100) in the notice.
As added by P.L.81-2004, SEC.28.
IC 32-34-1-29
Good faith payment or delivery; custody of state; immunity of
holder; reimbursement by holder; reclamation for owner;
reimbursement or payment of safe deposit box or safekeeping
depository charges
Sec. 29. (a) For purposes of this section, payment or delivery is
made in good faith if:
(1) payment or delivery was made in a reasonable attempt to
comply with this chapter;
(2) the holder was not a fiduciary in breach of trust with respect
to the property and had a reasonable basis for believing, based
on the facts known at the time, that the property was abandoned;
and
(3) there is not a showing that the records under which the
delivery was made did not meet reasonable commercial
standards of practice in the industry.
(b) Upon the payment or delivery of property to the attorney
general, the state assumes custody and responsibility for the
safekeeping of the property. A holder who pays or delivers property
to the attorney general in good faith is relieved of all liability with
respect to the property after the payment and delivery.
(c) A holder who has paid money to the attorney general under
this chapter may later make payment to a person who, in the opinion
of the holder, appears to be entitled to the payment. The attorney
general shall promptly reimburse the holder for the payment without
imposing a fee or other charge if the holder files proof of payment
and proof that the payee was entitled to the payment. If any
reimbursement is sought for a payment made on a negotiable
instrument, including a traveler's check or money order, the holder
must be reimbursed upon filing proof that:
(1) the instrument was duly presented; and
(2) the payment was made to a person who appeared to be
entitled to the payment.
The holder must be reimbursed for the payment made even if the
payment was made to a person whose claim was barred under section
41 of this chapter.
(d) A holder who has delivered property, including a certificate of
any interest in a business association, but not including money, to the
attorney general under this chapter may reclaim the property without
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paying a fee or other charge if the property is still in the possession
of the attorney general, upon filing proof that the apparent owner has
claimed the property from the holder.
(e) The attorney general may accept the holder's affidavit as
sufficient proof of the holder's right to recover the money and the
property under this section.
(f) If the holder pays or delivers property to the attorney general
in good faith and later:
(1) another person claims the property from the holder; or
(2) another state claims the money or property under that state's
laws relating to escheat or abandoned or unclaimed property;
the attorney general, upon written notice of the claim, shall defend
the holder against the claim and indemnify the holder against any
liability on the claim.
(g) Property removed from a safe deposit box or other safekeeping
depository is received by the attorney general subject to the holder's
right to be reimbursed for the cost of the opening and reasonable
expenses incurred in determining the current addresses of any owners
for whom the last previous address contained in the holder's records
appears to be inaccurate. The property is subject to any valid lien or
contract providing for the holder to be reimbursed for unpaid rent or
storage charges. The attorney general shall reimburse or pay the
holder out of the proceeds remaining after deducting the attorney
general's cost of selling the property.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-30
Owner entitled to dividends, interest, or other increments realized;
exception
Sec. 30. (a) If property, other than money, is paid or delivered to
the attorney general under this chapter, the owner is entitled to
receive from the attorney general any dividends, interest, or other
increments realized or accruing on the property at or before delivery
to the attorney general.
(b) Except as provided in section 30.1 of this chapter, the owner
is not entitled to receive dividends, interest, or other increments
accruing after delivery of the property to the attorney general under
this chapter unless the property was paid or delivered under section
39(b) of this chapter.
As added by P.L.2-2002, SEC.19. Amended by P.L.56-2014, SEC.4.
IC 32-34-1-30.1
Payment of interest accruing on property
Sec. 30.1. (a) As used in this section, "index" means the Weekly
National Rates and Rate Caps index published by the Federal Deposit
Insurance Corporation or any other index selected by the attorney
general under subsection (d).
(b) When interest bearing property is paid or delivered to the
attorney general under this chapter, the owner is entitled to receive
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interest that accrues on the property from the date of payment or
delivery, as determined under this section.
(c) When the attorney general approves a valid claim, the attorney
general shall calculate and pay the owner simple interest, without
compounding, based on the average commercial interest rates for
similar interest bearing property types during the period the attorney
general has held the property. However, if the attorney general has
held the property for more than five (5) years, the attorney general
shall use the average commercial interest rate for the five (5) years
preceding the year in which the claim is filed.
(d) The attorney general shall use the index to determine the
average commercial interest rate earned by similar interest bearing
property types. However, if the index is unavailable or, in the opinion
of the attorney general, is no longer a reliable source for calculating
interest earned by interest bearing property under this section, the
attorney general may adopt a rule under IC 4-22-2 to select an
alternate index for determining the average commercial interest rate.
(e) When the attorney general pays a claim for interest bearing
property, the attorney general shall inform the owner of the rate used
to calculate the interest paid on the claim. If the owner establishes to
the satisfaction of the attorney general that the property would have
earned a higher rate of interest if it had remained in the owner's
custody in the same account, the attorney general shall pay interest
based on the higher rate established by the owner.
As added by P.L.56-2014, SEC.5.
IC 32-34-1-31
Public sale of abandoned property by attorney general; sale of
securities; transfer of certain property
Sec. 31. (a) Except as provided in subsections (b), (c), and (f), the
attorney general, not later than three (3) years after the receipt of
abandoned property, shall sell the property to the highest bidder at a
commercially reasonable public sale that, in the judgment of the
attorney general, affords the most favorable market for the property.
The attorney general may decline the highest bid and reoffer the
property for sale if, in the judgment of the attorney general, the bid
is insufficient. If, in the judgment of the attorney general, the
probable cost of the sale exceeds the value of the property, the
attorney general is not required to offer the property for sale. A sale
held under this section must be preceded, at least three (3) weeks
before the sale, by one (1) publication of notice in a newspaper of
general circulation published in the county in which the property is
to be sold.
(b) If the property is of a type that is customarily sold on a
recognized market or that is subject to widely distributed standard
price quotations, and if, in the opinion of the attorney general, the
probable cost of a public sale to the highest bidder would:
(1) exceed the value of the property; or
(2) result in a net loss;
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the attorney general may sell the property privately, without notice
by publication, at or above the prevailing price for the property at the
time of the sale.
(c) Securities shall be sold as soon as reasonably possible
following receipt. If a valid claim is made for any securities in the
possession of the attorney general, the attorney general may:
(1) transfer the securities to the claimant; or
(2) pay the claimant the value of the securities as of the date the
securities were delivered to the attorney general.
Notice of the sale of securities is not required. Securities listed on an
established stock exchange must be sold at prices prevailing at the
time of the sale on the stock exchange. Other securities may be sold
over the counter at prices prevailing at the time of sale or by any
other method the attorney general considers reasonable.
(d) A purchaser of property at a sale conducted by the attorney
general under this chapter takes the property free of all claims of the
owner or previous holder and of all persons claiming through or
under them. The attorney general shall execute all documents
necessary to complete the transfer of ownership.
(e) A person does not have a claim against the attorney general for
any appreciation of property after the property is delivered to the
attorney general, except in a case of intentional misconduct or
malfeasance by the attorney general.
(f) If property is forwarded to the attorney general and the report
concerning the property does not have all of the information required
under section 26(b)(1) of this chapter or the total value of the
property is ten dollars ($10) or less, the attorney general may
immediately:
(1) sell the property and transmit the proceeds; or
(2) transfer the property;
to the state general fund.
As added by P.L.2-2002, SEC.19. Amended by P.L.107-2003, SEC.5;
P.L.97-2004, SEC.110.
IC 32-34-1-32
Property custody fund; notice requirements; transfer of principal;
claim by apparent owner
Sec. 32. (a) The property custody fund is established. Except as
provided in section 31(f) of this chapter, any money received by the
attorney general under section 39(b) of this chapter shall be delivered
to the treasurer of state for deposit in the property custody fund.
Subject to any claim of the owner allowed by the attorney general
under this chapter, the money shall be held in the property custody
fund for safekeeping until the date the money is presumed abandoned
under sections 20 and 24 of this chapter and transferred to the
abandoned property fund established by section 33 of this chapter in
accordance with this section.
(b) The attorney general shall specify in the notice required by
section 28 of this chapter the latest date the apparent owner may
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claim the property from the property custody fund. Notice must also
be mailed to each person having a last known address listed in the
report to the attorney general filed under section 26 of this chapter.
(c) Except as provided in subsection (d), not later than twenty-five
(25) days after the date specified in the notice published under
subsection (b), the treasurer of state, upon order of the attorney
general, shall transfer the principal of the property to which the notice
relates from property custody fund to the abandoned property fund.
(d) The attorney general may allow a claim of the apparent owner
before the principal of the property in the property custody fund is
transferred to the abandoned property fund under subsection (c).
After the elapse of the twenty-five (25) days referred to in subsection
(c), the funds are considered abandoned property instead of property
received under section 39(b) of this chapter for purposes of this
chapter.
As added by P.L.2-2002, SEC.19. Amended by P.L.107-2003, SEC.6.
IC 32-34-1-33
Abandoned property fund; transfer of certain funds
Sec. 33. (a) The abandoned property fund is established. Except
as provided in subsection (b) and sections 31 and 32 of this chapter,
money received by the attorney general under this chapter, including
the proceeds from the sale of abandoned property under section 31 of
this chapter, shall be transferred by the attorney general to the
treasurer of state for deposit in the abandoned property fund.
(b) Money received under this chapter that was originally drawn
from a fund under the control of a local unit of government shall be
transferred to the fund from which the money was originally drawn.
As added by P.L.2-2002, SEC.19. Amended by P.L.107-2003, SEC.7.
IC 32-34-1-34
Payment by treasurer; transfer if fund exceeds $500,000; payment
of claims over $500,000; deposit recording requirements; earnings
credited; interest transfers
Sec. 34. (a) Except as provided in sections 36(g) and 42(d) of this
chapter, the treasurer of state shall, on order of the attorney general,
pay the necessary costs of the following:
(1) Selling abandoned property.
(2) Mailing notices.
(3) Making publications required by this chapter.
(4) Paying other operating expenses and administrative
expenses, including:
(A) salaries and wages reasonably incurred by the attorney
general in the administration and enforcement of this
chapter; and
(B) costs incurred in examining records of the holders of
property and in collecting the property from the holders.
(b) If the balance of the principal of the abandoned property fund
established by section 33 of this chapter exceeds five hundred
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thousand dollars ($500,000), the treasurer of state may, and at least
once each fiscal year shall, transfer to the state general fund the
balance of the principal of the abandoned property fund that exceeds
five hundred thousand dollars ($500,000).
(c) If a claim is allowed or a refund is ordered under this chapter
that is more than five hundred thousand dollars ($500,000), the
treasurer of state shall transfer from the state general fund sufficient
money to make prompt payment of the claim. There is annually
appropriated to the treasurer of state from the state general fund the
amount of money sufficient to implement this subsection.
(d) Before making a deposit into the abandoned property fund, the
attorney general shall record the following:
(1) The name and last known address of each person appearing
from the holder's reports to be entitled to the abandoned
property.
(2) The name and last known address of each insured person or
annuitant.
(3) The number, the name of the corporation, and the amount
due concerning any policy or contract listed in the report of a
life insurance company.
(e) Except as provided in subsection (f), earnings on the property
custody fund and the abandoned property fund shall be credited to
each fund.
(f) On July 1 of each year, the interest balance in the property
custody fund established by section 32 of this chapter and the interest
balance in the abandoned property fund shall be transferred to the
state general fund.
As added by P.L.2-2002, SEC.19. Amended by P.L.246-2005,
SEC.217; P.L.46-2013, SEC.5.
IC 32-34-1-35
Custody of property custody fund and abandoned property fund;
fund investment; appropriation
Sec. 35. (a) The treasurer of state shall keep safely the money in
the property custody fund established by section 32 of this chapter
and the abandoned property fund established by section 33 of this
chapter. The money may not be transferred or assigned except as
specifically authorized and directed in this chapter. At any time, upon
certification of the attorney general and the treasurer of state that
there is cash on deposit in either fund in excess of the cash
requirements of the fund anticipated for the next succeeding
semiannual fiscal period, the state board of finance may authorize the
treasurer of state to invest and reinvest the money as authorized for
other funds of the state by IC 5-13, including the purchase of
certificates of deposit. However, an investment may not be made in
a certificate of deposit with a maturity or redemption date that is
more than six (6) months after the date of purchase, subscription, or
deposit. Any interest or other accretions derived from investments
made under this subsection become a part of the fund from which the
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money was invested.
(b) A sufficient amount of money from the abandoned property
fund is appropriated to the treasurer of state to pay claims, costs, and
expenses ordered paid from the abandoned property fund under this
chapter.
(c) A sufficient amount of money from the property custody fund
is annually appropriated to the treasurer of state to pay claims ordered
paid from the property custody fund under this chapter.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-36
Filing claim with attorney general; requirements; delivery of
property to identified owner; deduction of costs
Sec. 36. (a) Except as provided in subsection (f), a person, except
another state, claiming an interest in property paid or delivered to the
attorney general may file a claim on a form prescribed by the attorney
general and verified by the claimant. To be considered by the
attorney general, the claim must meet the requirements established by
the attorney general.
(b) Not later than ninety (90) days after a claim that meets the
requirements established by the attorney general is filed under
subsection (a), the attorney general shall:
(1) consider the claim; and
(2) give written notice to the claimant that the claim is granted
or that the claim is denied in whole or in part.
(c) Not later than thirty (30) days after a claim is granted, the
attorney general shall pay over or deliver to the claimant the property,
or the net proceeds of the sale of property if the property has been
sold by the attorney general, together with any additional amount to
which the claimant may be entitled under section 30 of this chapter.
(d) A holder who pays the owner for property that has been
delivered to the state and that, if claimed from the attorney general by
the owner, would be subject to an increment under section 30 of this
chapter shall recover the amount of the increment from the attorney
general.
(e) A person may file a claim under subsection (a) at any time
within twenty-five (25) years after the date on which the property
was first presumed abandoned under this chapter, notwithstanding the
expiration of any other time specified by statute, contract, or court
order during which an action or a proceeding may be commenced or
enforced to obtain payment of a claim for money or recovery of
property.
(f) The attorney general may pay over or deliver to the owner the
property, or the net proceeds of the sale of property if the property
has been sold by the attorney general, together with any additional
amount to which the claimant may be entitled under section 30 of this
chapter, without the owner filing a claim under subsection (a) if the
attorney general identifies the owner.
(g) The following costs may be deducted from the value of the
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property before the net proceeds are paid to the owner:
(1) Costs of selling the property, including tangible property and
securities.
(2) Costs of identifying and recovering the property, including:
(A) costs of an examination under section 42 of this chapter;
or
(B) costs incurred in connection with an interstate agreement
under section 44 of this chapter.
As added by P.L.2-2002, SEC.19. Amended by P.L.107-2003, SEC.8;
P.L.46-2013, SEC.6.
IC 32-34-1-36.5
Filing disclaimer; transfer of disclaimed property
Sec. 36.5. (a) An owner of property that is delivered to the
attorney general may disclaim the property by filing a disclaimer of
property with the attorney general in the form and manner required
by the attorney general.
(b) If the property is disclaimed under subsection (a), the attorney
general may immediately:
(1) sell the property and transmit the proceeds; or
(2) transfer the property;
to the state general fund.
As added by P.L.107-2003, SEC.9.
IC 32-34-1-37
Recovery of property by another state; procedure
Sec. 37. (a) At any time within twenty-five (25) years after the
date on which the property was presumed abandoned under this
chapter, notwithstanding the expiration of any other time specified by
statute, contract, or court order during which an action or proceeding
may be commenced or enforced to obtain payment of a claim for
money or recovery of property, another state may recover the
property if any of the following subdivisions apply:
(1) All of the following apply:
(A) The property was delivered to the custody of this state
because the records of the holder did not reflect the last
known address of the apparent owner when the property was
presumed abandoned under this chapter.
(B) The other state establishes that the last known address of
the apparent owner or other person entitled to the property
was in that state.
(C) Under the laws of that state the property escheated to or
was subject to a claim of abandonment by that state.
(2) The property was paid or delivered to the custody of this
state because the laws of the other state did not provide for the
escheat or custodial taking of the property, and under the laws
of that state subsequently enacted, the property has escheated to
or become subject to a claim of abandonment by that state.
(3) All of the following apply:
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(A) The records of the holder did not accurately identify the
owner of the property.
(B) The last known address of the owner is in the other state.
(C) Under the laws of the other state, the property escheated
to or was subject to a claim of abandonment by that state.
(4) The property was subject to custody by this state under
section 21(7) of this chapter and, under the laws of the state of
domicile of the holder, the property has escheated to or become
subject to a claim of abandonment by that state.
(5) All of the following apply:
(A) The property is a sum payable on a traveler's check,
money order, or similar instrument that was delivered into
the custody of this state under section 21(7) of this chapter.
(B) The instrument was purchased in the other state.
(C) Under the laws of the other state, the property escheated
to or is subject to a claim of abandonment by that state.
(b) A claim of another state to recover escheated or abandoned
property must be presented in a form prescribed by the attorney
general. The attorney general shall consider the claim and give
written notice not more than ninety (90) days after the presentation
of the claim to the other state that the claim is granted or denied in
whole or in part. The attorney general shall allow the claim upon a
determination that the other state is entitled to the abandoned
property under subsection (a).
(c) The attorney general shall require another state, before
recovering property under this section, to agree to indemnify this
state and its officers and employees against any liability on a claim
for the property.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-38
Court action by person
Sec. 38. A person who, under this chapter:
(1) has been aggrieved by a decision of the attorney general; or
(2) has filed a claim that has not been acted upon within ninety
(90) days after its filing;
may maintain an original action to establish the claim in a court with
jurisdiction and name the attorney general as a defendant.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-39
Authority to decline receipt of property; delivery of property
before presumption of abandonment
Sec. 39. (a) The attorney general may decline to receive property
reported under this chapter if the attorney general considers the
property to have a value less than the expenses of the notice and the
sale of the property.
(b) A holder, with the written consent of the attorney general and
upon conditions and terms prescribed by the attorney general, may
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report and deliver property before the property is presumed
abandoned. Property delivered to the attorney general under this
subsection must be held in the property custody fund established
under section 32 of this chapter, and the property is not presumed
abandoned until the property otherwise would be presumed
abandoned under this chapter.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-40
Destruction or disposition of property with no substantial
commercial value; immunity
Sec. 40. (a) If the attorney general determines after an
investigation that property delivered under this chapter does not have
any substantial commercial value, the attorney general may destroy
or otherwise dispose of the property at any time.
(b) An action or a proceeding may not be maintained against the
state, an officer of the state, or the holder for or on account of any
acts taken by the attorney general under this section, except for acts
constituting intentional misconduct or malfeasance.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-41
Presumption of abandonment; expiration of period to commence
claim or recovery action; effect on reporting and delivery
requirements; limitation of actions
Sec. 41. (a) The expiration of any time specified by contract,
statute, or court order, during which:
(1) a claim for money or property can be made; or
(2) an action or a proceeding may be commenced or enforced to
obtain payment of a claim for money or to recover property;
does not preclude the money or property from being presumed
abandoned or affect any duty to file a report or to pay or deliver
abandoned property to the attorney general as required by this
chapter.
(b) An action or a proceeding may not be commenced by the
attorney general to enforce the provisions of this chapter more than
ten (10) years after the holder:
(1) specifically reported the property to the attorney general; or
(2) gave express notice to the attorney general of a dispute
regarding the property.
In the absence of a report, the period of limitations is tolled. The
period of limitations is also tolled by the filing of a false or fraudulent
report.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-42
Request for verified report; examination of records to determine
compliance; assessment of cost of examination
Sec. 42. (a) The attorney general may require a person who has
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not filed a report, or a person who the attorney general believes has
filed an inaccurate, an incomplete, or a false report, to file a verified
report in a form prescribed by the attorney general stating the
following:
(1) Whether the person is holding any unclaimed property
reportable or deliverable under this chapter.
(2) Describing any property not previously reported or as to
which the attorney general has made inquiry.
(3) Specifically identifying and stating the amounts of property
that may be in issue.
(b) The attorney general, at reasonable times and upon reasonable
notice, may examine the records of a person to determine whether the
person has complied with this chapter. The attorney general may
conduct the examination even if the person believes the person is not
in possession of any property reportable or deliverable under this
chapter. When making an examination under this chapter, the
attorney general may retain attorneys, appraisers, independent
actuaries, independent certified public accountants, or other
professionals and specialists as examiners.
(c) The attorney general may examine the records of an agent,
including a dividend disbursing agent or transfer agent, of a business
association that is the holder of property presumed abandoned if the
attorney general has given the notice required by subsection (b) to
both the business association and the agent at least ninety (90) days
before the examination.
(d) If an examination of the records of a person under subsection
(b) results in the disclosure of property reportable and deliverable
under this chapter, the attorney general may assess the cost of the
examination against the holder at a reasonable rate established by the
attorney general. The cost of an examination of the records of an
agent of a business association under subsection (c) may be imposed
only against the business association.
(e) If a holder fails to maintain the records required under section
43 of this chapter and the available records of the holder are
insufficient to permit the preparation of a report, the attorney general
may require the holder to report and pay an amount that may
reasonably be estimated from any available records of the holder or
on the basis of any other reasonable estimating technique that the
attorney general may select.
As added by P.L.2-2002, SEC.19. Amended by P.L.64-2007, SEC.3.
IC 32-34-1-43
Records retention; maintenance of records by business associations
that sell traveler's checks
Sec. 43. (a) Except as provided in subsection (b) and subject to
any rules adopted by the attorney general under IC 4-22-2, a holder
required to file a report under section 26 of this chapter for any
property for which the holder has the last known address of the owner
shall maintain a record of the information required to be in the report
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for at least ten (10) years after the property becomes reportable.
(b) A business association that sells in Indiana traveler's checks,
money orders, or other similar written instruments, other than third
party bank checks on which the business association is directly liable,
or that provides those instruments to others for sale in Indiana, shall
maintain a record of outstanding instruments indicating the state and
date of issue for at least three (3) years after the date the property is
reportable.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-44
Interstate agreements; interstate enforcement and actions;
document confidentiality
Sec. 44. (a) The attorney general may enter into an agreement with
other states to exchange information relating to unclaimed property
or the possible existence of unclaimed property. The agreements may
permit other states, or a person acting on behalf of a state, to examine
records as authorized in section 42 of this chapter. The attorney
general may, by rule, require the reporting of information needed to
enable compliance with any agreements made under this section and
prescribe the form.
(b) The attorney general may join with other states to seek
enforcement of this chapter against a person who is or may be
holding property reportable under this chapter.
(c) At the request of another state, the attorney general may
commence an action on behalf of the administrator of the other state
to enforce in Indiana the unclaimed property laws of the other state
against a holder of property subject to escheat or a claim of
abandonment by the other state, if the other state has agreed to pay
expenses incurred by the attorney general in maintaining the action.
(d) The attorney general may request that the attorney general of
another state or any other attorney commence an action in that state
on behalf of the attorney general. The attorney general may retain
another attorney to commence an action in Indiana on behalf of the
attorney general. This state shall pay all expenses, including
attorney's fees, in maintaining an action under this subsection. With
the attorney general's approval, the expenses and attorney's fees may
be paid from money received under this chapter. The attorney general
may agree to pay the person bringing the action attorney's fees based
in whole or in part on a percentage of the value of any property
recovered in the action. Expenses or attorney's fees paid under this
subsection may not be deducted from the amount that is subject to the
claim by the owner under this chapter.
(e) Any documents and working papers obtained or compiled by
the attorney general or the attorney general's agents, employees, or
designated representatives in the course of conducting an audit under
section 42 of this chapter are confidential and are not public records
except:
(1) when used by the attorney general to maintain an action to
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collect unclaimed property or otherwise enforce this chapter;
(2) when used in joint audits conducted with or under
agreements with other states, the federal government, or other
governmental entities; or
(3) under subpoena or court order.
The documents and working papers may be disclosed to the
abandoned property office of another state for that state's use in
circumstances equivalent to those described in this subsection if the
other state is bound to keep the documents and papers confidential.
(f) The attorney general's final completed audit reports are public
records, available for inspection and copying under IC 5-14-3. A final
report may not contain confidential documentation or working papers
unless an exception under subsection (e) applies.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-45
Violations
Sec. 45. (a) Except as provided in subsection (b), a holder that
fails to pay or deliver the property within the time required by this
chapter shall pay to the attorney general interest for the time the
holder is delinquent. Interest shall accrue under this subsection at the
following rates:
(1) The annual interest rate for a period of one (1) year or less
after the time required by this chapter for payment or delivery
of the property is:
(A) the one (1) year Treasury Bill rate published in the Wall
Street Journal or its successor on the third Tuesday of the
month in which the remittance was due; plus
(B) one (1) percentage point.
(2) The interest rate for each year after the initial year to which
subdivision (1) applies is:
(A) the one (1) year Treasury Bill rate published in the Wall
Street Journal or its successor on the third Tuesday of the
month immediately preceding the anniversary; plus
(B) one (1) percentage point.
As used in this subdivision, "anniversary" means the
anniversary of the date on which the property was originally due
to be paid or delivered under this chapter.
(b) The attorney general may waive the payment of interest
described in subsection (a), in whole or part.
(c) A holder who willfully refuses, after written demand by the
attorney general, to pay or deliver property to the attorney general as
required under this chapter commits a Class B misdemeanor.
As added by P.L.2-2002, SEC.19. Amended by P.L.85-2005, SEC.2;
P.L.229-2011, SEC.261.
IC 32-34-1-46
Fee agreement to locate, deliver, or recover owner's property
Sec. 46. (a) This subsection does not apply to an owner's
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agreement with an attorney to file a claim as to identified property or
to contest the attorney general's denial of a claim. An agreement by
an owner that:
(1) has the primary purpose of paying compensation to locate,
deliver, recover, or assist in the recovery of property presumed
abandoned under this chapter; and
(2) is entered into not earlier than the date the property was
presumed abandoned and not later than twenty-four (24) months
after the date the property is paid or delivered to the attorney
general;
is void and unenforceable.
(b) An agreement by an owner that has the primary purpose of
locating, delivering, recovering, or assisting in the recovery of
property is valid only if:
(1) the fee or compensation agreed upon is not more than ten
percent (10%) of the amount collected, unless the amount
collected is fifty dollars ($50) or less;
(2) the agreement is in writing;
(3) the agreement is signed by the apparent owner;
(4) the agreement clearly sets forth:
(A) the nature and value of the property; and
(B) the value of the apparent owner's share after the fee or
compensation has been deducted; and
(5) the agreement contains the provision set forth in subsection
(d).
(c) This section does not prevent an owner from asserting at any
time that an agreement to locate property is otherwise invalid.
(d) This subsection applies to a person who locates, delivers,
recovers, or assists in the recovery of property reported under this
chapter for a fee or compensation. An advertisement, a written
communication, or an agreement concerning the location, delivery,
recovery, or assistance in the recovery of property reported under this
chapter must contain a provision stating that, by law, any contract
provision requiring the payment of a fee for finding property held by
the attorney general for less than twenty-four (24) months is void,
and that fees are limited to not more than ten percent (10%) of the
amount collected unless the amount collected is fifty dollars ($50) or
less.
(e) Subsections (b)(4) and (d) do not apply to attorney's fees.
(f) If an agreement covered by this section:
(1) applies to mineral proceeds; and
(2) contains a provision to pay compensation that includes a
portion of the underlying minerals or any mineral proceeds not
then presumed abandoned;
the provision is void and unenforceable.
(g) An agreement covered by this section that provides for
compensation that is unconscionable is unenforceable except by the
owner. An owner who has agreed to pay compensation that is
unconscionable, or the attorney general on behalf of the owner, may
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maintain an action to reduce the compensation to a conscionable
amount. The court may award reasonable attorney's fees to an owner
who prevails in the action.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-47
Cooperation of state and public agencies
Sec. 47. All officers, agencies, boards, bureaus, commissions,
divisions, and departments of the state, including any body politic
and corporate created by the state for public purposes, and every
political subdivision of the state shall do the following:
(1) Cooperate with the attorney general upon the attorney
general's request to further the purposes of this chapter.
(2) Make their records available to the attorney general for the
purposes of discovering property that is presumed to be
abandoned under this chapter.
(3) Compile from their records, upon the attorney general's
request, reports that would aid the attorney general in
identifying the holders of property presumed to be abandoned
under this chapter and in discovering property that is presumed
to be abandoned.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-48
Employment of independent consultants
Sec. 48. The attorney general may employ the services of any
independent consultants and other persons possessing specialized
skills or knowledge that the attorney general considers necessary or
appropriate for the administration of this chapter, including
consultants in the following areas:
(1) Upkeep.
(2) Management.
(3) Sale.
(4) Conveyance of property.
(5) Determination of any sources of unreported abandoned
property.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-49
Duty to report, pay, or deliver property arising before July 1, 1996
Sec. 49. This chapter does not relieve a holder of a duty that arose
before July 1, 1996, to report, pay, or deliver property. Except as
provided in section 41(b) of this chapter, a holder that did not comply
with the law in effect before July 1, 1996, is subject to the applicable
enforcement and penalty provisions that existed and that are
continued in effect for the purpose of this section.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-50
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General purpose of uniformity among states
Sec. 50. This chapter shall be applied and construed to effectuate
its general purpose to make uniform the law with respect to the
subject of this chapter among states enacting it.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-51
Maintenance of action in court for enforcement
Sec. 51. The attorney general may maintain an action in a court of
competent jurisdiction to enforce this chapter.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-52
Rules
Sec. 52. The attorney general may adopt rules under IC 4-22-2 to
carry out the purposes of this chapter.
As added by P.L.2-2002, SEC.19.
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