2014 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 5. INDUSTRIAL LOAN AND INVESTMENT COMPANIES CHAPTER 2. SURVIVORS PAYMENT
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IC 28-5-2
Chapter 2. Survivors)Payment
IC 28-5-2-1
Repealed
(Repealed by Acts 1976, P.L.123, SEC.3.)
IC 28-5-2-2
Payment after death of certificate holder
Sec. 2. If any certificate holder of any industrial loan and
investment company shall die, leaving unpledged certificates in such
company and no executor of his will or administrator of his estate has
been appointed, such company, upon receiving a waiver from the
inheritance tax administrator under IC 6-4.1, may, in its discretion,
pay the value of such certificates to the widow, widower, or next of
kin, or may apply the value of such certificates to the payment of
funeral expenses or the expenses of the last sickness or other just
debts of the decedent. As a condition of such payment, such company
shall require proof by affidavit as to the parties in interest and shall
also require the filing of proper waivers and the execution of a bond
of indemnity with proper sureties from the parties interested, and a
proper acquittance and receipt for such payment by the person to
whom such payment is made shall fully release the company, and
such company shall not thereafter be held liable to the decedent's
executor or administrator thereafter appointed, or to any other person.
(Formerly: Acts 1953, c.61, s.2.) As amended by P.L.254-1997(ss),
SEC.27.
IC 28-5-2-3
Laws applicable
Sec. 3. Payment of the certificates as provided in sections 1 and 2
of this chapter shall be subject to the provisions set forth in
IC 28-5-1-12.
(Formerly: Acts 1953, c.61, s.3.) As amended by P.L.263-1985,
SEC.157.
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