CHAPTER 1. UNCLAIMED PROPERTY ACT
IC 32-34
ARTICLE 34. LOST OR UNCLAIMED PERSONALPROPERTY
IC 32-34-1
Chapter 1. Unclaimed Property Act
IC 32-34-1-1
Nonapplicability of foreign country property arising out of aforeign 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 foreigntransaction.
(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 ofdistributable savings of a rural electric membership corporationformed under IC 8-1-13, a rural telephone cooperative corporationformed under IC 8-1-17, or an agricultural cooperative associationformed under IC 15-12-1.
(c) This chapter does not apply to unclaimed overpayments ofutility bills that become the property of a municipality underIC 36-9-23-28.5.
(d) This chapter does not apply to deposits required by amunicipally owned utility (as defined in IC 8-1-2-1).
(e) This chapter does not apply to a business to business creditmemorandum or a credit balance resulting from a business tobusiness 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 theadministrator of the unclaimed property law of another state.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-4
"Apparent owner" defined
Sec. 4. As used in this chapter, "apparent owner" means a personwhose name appears on the records of a holder as the person entitledto property held, issued, or owing by the holder.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-5
"Business association" defined
Sec. 5. As used in this chapter, "business association" means thefollowing:
(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 oftwo (2) or more individuals.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-6
"Domicile" defined
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 otherthan a corporation.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-7
"Financial institution" defined
Sec. 7. As used in this chapter, "financial institution" means adepository financial institution that is organized or reorganized underIndiana law, the law of another state, or United States law. The termincludes 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 anentity described in subdivisions (1) through (6).
As added by P.L.2-2002, SEC.19.
IC 32-34-1-8
"Holder" defined
Sec. 8. As used in this chapter, "holder" means a person obligatedto 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" defined
Sec. 9. As used in this chapter, "insurance company" means anassociation, a corporation, or a fraternal or mutual benefitorganization, whether or not for profit, that is engaged in thebusiness 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 32-34-1-10
"Last known address" defined
Sec. 10. (a) As used in sections 26, 32, and 43 of this chapter,"last known address" means a description of the location of theapparent owner's residence or business sufficient for the purpose ofthe delivery of mail or the receipt of a communication by othermeans known to the holder.
(b) As used in sections 21 and 37 of this chapter, "last knownaddress" means a description indicating that the apparent owner waslocated 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" defined
Sec. 11. As used in this chapter, "mineral" means any of thefollowing:
(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 Indianalaw.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-12
"Mineral proceeds" defined
Sec. 12. As used in this chapter, "mineral proceeds" meansproceeds currently payable and unclaimed and, upon theabandonment of those proceeds, all proceeds that would havebecome payable, including the following:
(1) Obligations to pay resulting from the extraction, production,or sale of minerals, including the following:
(A) Net revenue interests.
(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 minerallease, 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" defined Sec. 13. (a) As used in this chapter, "money order" includes anexpress money order and a personal money order on which theremitter 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 abanking or financial institution if the seller has obtained thename and address of the payee.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-14
"Owner" defined
Sec. 14. (a) As used in this chapter, "owner" means:
(1) a person who has a legal or an equitable interest in propertysubject 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 otherthan 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" defined
Sec. 15. As used in this chapter, "person" means an individual, acorporation, a business trust, an estate, a trust, a partnership, anassociation, a joint venture, a government, a governmentalsubdivision, agency, or instrumentality, a public corporation, a jointor 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" defined
Sec. 16. (a) As used in section 47 of this chapter, "politicalsubdivision" includes any Indiana municipality, county, civiltownship, civil incorporated city or town, public school corporation,state educational institution, or any other territorial subdivision of thestate 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 authorizedto levy taxes or assessments.
(b) The term does not include any retirement system supportedentirely 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" defined Sec. 17. (a) This section does not apply to section 24 of thischapter.
(b) As used in this chapter, "property" means an interest inintangible personal property, except an unliquidated claim, and allincome or increment derived from the interest, including an interestthat 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 tobusiness credit memorandum, an unpaid wage, an unusedairline 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, andother securities or to make distributions;
(6) an amount due and payable under the terms of an insurancepolicy; and
(7) an amount distributable from a trust or custodial fundestablished 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 businessentities 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" defined
Sec. 18. As used in this chapter, "state" means a state of theUnited States, the District of Columbia, the Commonwealth ofPuerto Rico, or any territory or insular possession subject to thejurisdiction of the United States.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-19
"Utility" defined
Sec. 19. As used in this chapter, "utility" means a person thatowns or operates for public use any plant, equipment, property,
franchise, or license for the transmission of communications or forthe production, storage, transmission, sale, delivery, or furnishing ofelectricity, 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 ofabandonment
Sec. 20. (a) For purposes of this section, an indication of interestin the property by the owner:
(1) does not include a communication with an owner by anagent of the holder who has not identified in writing theproperty to the owner; and
(2) includes the following:
(A) With respect to an account or underlying shares of stockor other interest in a business association or financialorganization:
(i) the cashing of a dividend check or other instrument ofpayment received; or
(ii) evidence that the distribution has been received if thedistribution 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 propertyinterest in an insurance policy.
(D) The mailing of any correspondence in writing from afinancial 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 depositaccount, including a deposit account that is automaticallyrenewable, or any other account or other property the ownerhas with the financial institution if the correspondence is notreturned to the financial institution for nondelivery.
(E) Any activity by the owner that concerns:
(i) another demand, savings, or matured time depositaccount or other account that the owner has with afinancial institution, including any activity by the ownerthat results in an increase or decrease in the amount of anyother 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 thefinancial institution's books and records is the same for bothan inactive account and for a related account.
(b) The application of an automatic premium loan provision orother nonforfeiture provision contained in an insurance policy doesnot prevent the policy from maturing or terminating if the insured hasdied or the insured or the beneficiary of the policy otherwise hasbecome 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 ofa holder's business is presumed abandoned if the owner or apparentowner has not communicated in writing with the holder concerningthe property or has not otherwise given an indication of interest inthe 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 creditbecomes payable.
(4) For amounts owed by an insurer on a life or an endowmentinsurance 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 haveattained if living, the limiting age under the mortality tableon which the reserve is based.
(5) For property distributable by a business association in acourse of dissolution, one (1) year after the property becomesdistributable.
(6) For property or proceeds held by a court or a court clerk,five (5) years after the property or proceeds becomedistributable. The property or proceeds must be treated asunclaimed property under IC 32-34-3.
(7) For property held by a state or other government,governmental subdivision or agency, or public corporation orother public authority, one (1) year after the property becomesdistributable.
(8) For compensation for personal services, one (1) year afterthe compensation becomes payable.
(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 orowed by a business association for or to a shareholder,certificate holder, member, bondholder, or other securityholders of the business association, or other interest in abusiness association, three (3) years after the earlier of:
(A) the date of the last dividend, stock split, or otherdistribution unclaimed by the apparent owner; or
(B) the date of the second mailing of a statement of accountor other notification or communication that was:
(i) returned as undeliverable; or
(ii) made after the holder discontinued mailings to theapparent owner.
(11) For property in an individual retirement account or anotheraccount or plan that is qualified for tax deferral under theInternal 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 trustagreement governing the plan; or
(C) the date specified in the Internal Revenue Code by whichdistribution must begin in order to avoid a tax penalty.
(12) For a demand, savings, or matured time deposit, includinga deposit that is automatically renewable, three (3) years aftermaturity or three (3) years after the date of the last indication bythe owner of interest in the property, whichever is earlier.Property that is automatically renewable is considered maturedfor purposes of this section upon the expiration of its initialperiod, unless the owner has consented to a renewal at or aboutthe time of the renewal and the consent is in writing or isevidenced by a memorandum or other record on file with theholder.
(13) For property payable or distributable in the course of ademutualization, rehabilitation, or related reorganization of amutual 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 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 chapternotwithstanding the owner's failure to make demand or present aninstrument 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;P.L.224-2003, SEC.113; P.L.97-2004, SEC.109; P.L.85-2005,SEC.1; P.L.64-2010, SEC.2.
IC 32-34-1-21
Property subject to custody of state as unclaimed property
Sec. 21. Except as provided in another state statute, propertylocated in Indiana or another state is subject to the custody of thisstate as unclaimed property if the property is presumed abandonedand if:
(1) the last known address of the apparent owner, as shown onthe records of the holder, is in Indiana;
(2) the records of the holder do not reflect the identity of theperson entitled to the property and it is established that the lastknown address of the person entitled to the property is inIndiana;
(3) the records of the holder do not reflect the last knownaddress of the apparent owner and it is established that:
(A) the last known address of the person entitled to theproperty is in Indiana; or
(B) the holder is a domiciliary or a government orgovernmental subdivision or agency of this state and has notpreviously paid or delivered the property to the state of the
last known address of the apparent owner or other personentitled to the property;
(4) the last known address of the apparent owner, as shown onthe records of the holder, is in a state that does not provide forthe escheat or custodial taking of the property and the holder isa domiciliary or a government or governmental subdivision oragency of this state;
(5) the last known address of the apparent owner, as shown onthe records of the holder, is in a foreign country and the holderis a domiciliary or a government or governmental subdivisionor agency of this state;
(6) the transaction out of which the property arose occurred inIndiana, the holder is a domiciliary of a state that does notprovide for the escheat or custodial taking of the property, andthe last known address of the apparent owner or other personentitled to the property is:
(A) unknown; or
(B) in a state that does not provide for the escheat orcustodial 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 moneyorder has its principal place of business in Indiana and theissuer's records:
(i) do not show the state in which the instrument waspurchased; or
(ii) show that the instrument was purchased in a state thatdoes not provide for the escheat or custodial taking of theproperty.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-22
Dormancy charges
Sec. 22. (a) A holder may not deduct a charge from property thatis presumed abandoned if the charge is imposed because the ownerfailed to claim the property within a specified time unless:
(1) there is a valid and enforceable written contract between theholder and the owner that allows the holder to impose thecharge; and
(2) the holder regularly imposes the charge, and the charge isnot 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 institutionsapply.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-23
Prima facie evidence of an obligation; attorney general's burden ofproof; 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 isalso the issuer, the attorney general's burden of proof as to theexistence and amount of the property and the abandonment of theproperty 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 depositbox or any other safekeeping depository in Indiana in theordinary course of the holder's business; or
(2) the proceeds resulting from the sale of the propertydescribed in subdivision (1) as authorized by other law;
remain unclaimed by the owner for more than five (5) years afterexpiration of the lease or rental period on the box or otherdepository, the property or proceeds are presumed abandoned.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-25
Voluntary dissolution of business association, bankingorganization, 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 thatundergoes voluntary dissolution shall file a notice of the voluntarydissolution with the attorney general not later than ten (10) days afterthe adoption by the members or shareholders of the resolution todissolve.
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 andthat is subject to custody as unclaimed property under this chaptershall report in writing to the attorney general concerning theproperty. Items of value of less than fifty dollars ($50) may bereported 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 mustinclude the following:
(1) The apparent owner's:
(A) name, if known;
(B) last known address, if any; and
(C) Social Security number or taxpayer identificationnumber, if readily ascertainable.
(2) In the case of the contents of a safe deposit box or othersafekeeping depository of tangible property:
(A) a description of the property;
(B) the place where the property is held and may beinspected 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 withrespect to the property.
(4) Other information that the attorney general requires by rulesadopted under IC 4-22-2 as necessary for the administration ofthis chapter.
(c) If:
(1) a holder of property that is presumed abandoned and that issubject to custody as unclaimed property is a successor toanother person who previously held the property for theapparent owner; or
(2) the holder has changed its name while holding the property;
the holder shall file with the report required by subsection (a) theformer names of the holder, if any, and the known name and addressof any previous holder of the property.
(d) The attorney general shall establish filing dates for the reportrequired by subsection (a).
(e) The holder of property that is presumed abandoned and that issubject to custody as unclaimed property under this chapter shall, notmore than one hundred twenty (120) days or less than sixty (60) daysbefore filing the report required by subsection (a), send writtennotice to the apparent owner of the property stating that the holder isin possession of property subject to this chapter if:
(1) the holder has a record of an address for the apparent ownerthat the holder's records do not show as inaccurate;
(2) the claim of the apparent owner is not barred by the statuteof 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 forfiling the report. The attorney general may grant the extension upona showing of good cause. The holder, upon receipt of the extension,may make an interim payment on the amount the holder estimateswill ultimately be due. The making of an interim payment under thissubsection suspends the accrual of interest on the amount. (g) The holder shall file with the report an affidavit stating thatthe holder has complied with this section.
As added by P.L.2-2002, SEC.19. Amended by P.L.107-2003, SEC.3.
IC 32-34-1-27
Payment or delivery of property to attorney general; automaticallyrenewable deposits; liability
Sec. 27. (a) Except as provided in subsections (b) and (c), on thedate a report is filed under section 26 of this chapter, the holder shallpay or deliver to the attorney general the property that is describedin the report as unclaimed.
(b) In the case of an automatically renewable deposit, if at thetime of delivery under subsection (a) a penalty or forfeiture in thepayment of interest would result from the delivery of the property,the time for delivery is extended until the earliest date upon which apenalty or forfeiture would not result.
(c) Tangible property held in a safe deposit box or othersafekeeping depository may not be delivered to the attorney generaluntil one hundred twenty (120) days after the date the reportdescribing the property under section 26 of this chapter is filed.
(d) If the property reported to the attorney general is a security orsecurity entitlement under IC 26-1-8.1, the attorney general maymake an endorsement, instruction, or entitlement order on behalf ofthe apparent owner to invoke the duty of the issuer or its transferagent or the securities intermediary to transfer or dispose of thesecurity or the security entitlement in accordance with IC 26-1-8.1.
(e) If the holder of property reported to the attorney general is theissuer of a certificated security, the attorney general has the right toobtain a replacement certificate under IC 26-1-8.1-405, and anindemnity bond is not required.
(f) An issuer, the holder, and any transfer agent or other personacting under the instructions of and on behalf of the issuer inaccordance with this section are not liable to the apparent owner andmust be indemnified against the claims of any person in accordancewith section 29 of this chapter.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-28
Publication of notice requirements; exceptions
Sec. 28. (a) Except as provided in subsection (e), the attorneygeneral shall publish a notice not later than November 30 of the yearimmediately following the year in which unclaimed property hasbeen paid or delivered to the attorney general.
(b) Except as provided in subsection (c), the notice required bysubsection (a) must be published at least once each week for two (2)successive weeks in a newspaper of general circulation published inthe county in Indiana of the last known address of any person namedin the notice.
(c) If the holder does not report an address for the apparent owneror reports an address outside Indiana, the attorney general shall
publish the notice:
(1) at least once each week for two (2) successive weeks in anewspaper of general circulation published in:
(A) the county in which the holder has its principal place ofbusiness within Indiana; or
(B) any other county that the attorney general mayreasonably select; or
(2) electronically on the attorney general's web site for a periodthat the attorney general may reasonably select, but in no casefor a period less than two (2) weeks.
(d) The advertised notice required by this section must be in aform that, in the judgment of the attorney general, will attract theattention of the apparent owner of the unclaimed property and mustcontain the following information:
(1) The name of each person appearing to be an owner ofproperty that is presumed abandoned, as set forth in the reportfiled by the holder.
(2) The last known address or location of each person appearingto be an owner of property that is presumed abandoned, if anaddress or a location is set forth in the report filed by theholder.
(3) A statement explaining that the property of the owner ispresumed to be abandoned and has been taken into theprotective custody of the attorney general.
(4) A statement that information about the abandoned propertyand its return to the owner is available, upon request, from theattorney general, to a person having a legal or beneficial interestin the property.
(e) The attorney general is not required to publish the followingin the notice:
(1) Any item with a value of less than one hundred dollars($100).
(2) Information concerning a traveler's check, money order, orany similar instrument.
(3) Property reported as a result of a demutualization of aninsurance 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 insurancecompany; notice
Sec. 28.5. (a) The attorney general shall publish a notice not laterthan November 30 of the year immediately following the year inwhich unclaimed property as a result of a demutualization of aninsurance company has been paid or delivered to the attorneygeneral.
(b) The notice required by subsection (a) must be published atleast once in a newspaper of general circulation published in thecounty 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 itsprincipal place of business within Indiana or any other county thatthe attorney general may reasonably select.
(d) The advertised notice required by this section must be in aform that, in the judgment of the attorney general, will attract theattention of the apparent owner of the unclaimed property. Theadvertised 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 ofproperty that is presumed abandoned, as set forth in the reportfiled by the holder.
(2) The last known address or location of each person appearingto be an owner of property that is presumed abandoned, if anaddress or a location is set forth in the report filed by theholder.
(3) A statement explaining that the property of the owner ispresumed to be abandoned and has been taken into protectivecustody of the attorney general.
(4) A statement that information about the abandoned propertyand its return to the owner is available, upon request, from theattorney general, to a person having a legal or beneficial interestin the property.
(f) The attorney general is not required to include any item witha 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 ofholder; reimbursement by holder; reclamation for owner;reimbursement or payment of safe deposit box or safekeepingdepository charges
Sec. 29. (a) For purposes of this section, payment or delivery ismade in good faith if:
(1) payment or delivery was made in a reasonable attempt tocomply with this chapter;
(2) the holder was not a fiduciary in breach of trust with respectto the property and had a reasonable basis for believing, basedon the facts known at the time, that the property wasabandoned; and
(3) there is not a showing that the records under which thedelivery was made did not meet reasonable commercialstandards of practice in the industry.
(b) Upon the payment or delivery of property to the attorneygeneral, the state assumes custody and responsibility for thesafekeeping of the property. A holder who pays or delivers propertyto the attorney general in good faith is relieved of all liability withrespect to the property after the payment and delivery. (c) A holder who has paid money to the attorney general underthis chapter may later make payment to a person who, in the opinionof the holder, appears to be entitled to the payment. The attorneygeneral shall promptly reimburse the holder for the payment withoutimposing a fee or other charge if the holder files proof of paymentand proof that the payee was entitled to the payment. If anyreimbursement is sought for a payment made on a negotiableinstrument, including a traveler's check or money order, the holdermust be reimbursed upon filing proof that:
(1) the instrument was duly presented; and
(2) the payment was made to a person who appeared to beentitled to the payment.
The holder must be reimbursed for the payment made even if thepayment was made to a person whose claim was barred under section41 of this chapter.
(d) A holder who has delivered property, including a certificate ofany interest in a business association, but not including money, to theattorney general under this chapter may reclaim the property withoutpaying a fee or other charge if the property is still in the possessionof the attorney general, upon filing proof that the apparent owner hasclaimed the property from the holder.
(e) The attorney general may accept the holder's affidavit assufficient proof of the holder's right to recover the money and theproperty under this section.
(f) If the holder pays or delivers property to the attorney generalin 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'slaws relating to escheat or abandoned or unclaimed property;
the attorney general, upon written notice of the claim, shall defendthe holder against the claim and indemnify the holder against anyliability on the claim.
(g) Property removed from a safe deposit box or other safekeepingdepository is received by the attorney general subject to the holder'sright to be reimbursed for the cost of the opening and reasonableexpenses incurred in determining the current addresses of any ownersfor whom the last previous address contained in the holder's recordsappears to be inaccurate. The property is subject to any valid lien orcontract providing for the holder to be reimbursed for unpaid rent orstorage charges. The attorney general shall reimburse or pay theholder out of the proceeds remaining after deducting the attorneygeneral'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 tothe attorney general under this chapter, the owner is entitled toreceive from the attorney general any dividends, interest, or other
increments realized or accruing on the property at or before deliveryto the attorney general.
(b) The owner is not entitled to receive dividends, interest, orother increments accruing after delivery of the property to theattorney general under this chapter unless the property was paid ordelivered under section 39(b) of this chapter.
As added by P.L.2-2002, SEC.19.
IC 32-34-1-31
Public sale of abandoned property by attorney general; sale ofsecurities; transfer of certain property
Sec. 31. (a) Except as provided in subsections (b), (c), and (f), theattorney general, not later than three (3) years after the receipt ofabandoned property, shall sell the property to the highest bidder at acommercially reasonable public sale that, in the judgment of theattorney general, affords the most favorable market for the property.The attorney general may decline the highest bid and reoffer theproperty for sale if, in the judgment of the attorney general, the bidis insufficient. If, in the judgment of the attorney general, theprobable cost of the sale exceeds the value of the property, theattorney general is not required to offer the property for sale. A saleheld under this section must be preceded, at least three (3) weeksbefore the sale, by one (1) publication of notice in a newspaper ofgeneral circulation published in the county in which the property isto be sold.
(b) If the property is of a type that is customarily sold on arecognized market or that is subject to widely distributed standardprice quotations, and if, in the opinion of the attorney general, theprobable cost of a public sale to the highest bidder would:
(1) exceed the value of the property; or
(2) result in a net loss;
the attorney general may sell the property privately, without noticeby publication, at or above the prevailing price for the property at thetime of the sale.
(c) Securities shall be sold as soon as reasonably possiblefollowing receipt. If a valid claim is made for any securities in thepossession 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 thesecurities were delivered to the attorney general.
Notice of the sale of securities is not required. Securities listed on anestablished stock exchange must be sold at prices prevailing at thetime of the sale on the stock exchange. Other securities may be soldover the counter at prices prevailing at the time of sale or by anyother method the attorney general considers reasonable.
(d) A purchaser of property at a sale conducted by the attorneygeneral under this chapter takes the property free of all claims of theowner or previous holder and of all persons claiming through orunder them. The attorney general shall execute all documentsnecessary to complete the transfer of ownership. (e) A person does not have a claim against the attorney general forany appreciation of property after the property is delivered to theattorney general, except in a case of intentional misconduct ormalfeasance by the attorney general.
(f) If property is forwarded to the attorney general and the reportconcerning the property does not have all of the information requiredunder section 26(b)(1) of this chapter or the total value of theproperty is ten dollars ($10) or less, the attorney general mayimmediately:
(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 asprovided in section 31(f) of this chapter, any money received by theattorney general under section 39(b) of this chapter shall be deliveredto the treasurer of state for deposit in the property custody fund.Subject to any claim of the owner allowed by the attorney generalunder this chapter, the money shall be held in the property custodyfund for safekeeping until the date the money is presumed abandonedunder sections 20 and 24 of this chapter and transferred to theabandoned property fund established by section 33 of this chapter inaccordance with this section.
(b) The attorney general shall specify in the notice required bysection 28 of this chapter the latest date the apparent owner mayclaim the property from the property custody fund. Notice must alsobe mailed to each person having a last known address listed in thereport 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 undersubsection (b), the treasurer of state, upon order of the attorneygeneral, shall transfer the principal of the property to which thenotice relates from property custody fund to the abandoned propertyfund.
(d) The attorney general may allow a claim of the apparent ownerbefore the principal of the property in the property custody fund istransferred 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 propertyreceived under section 39(b) of this chapter for purposes of thischapter.
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. Exceptas provided in subsection (b) and sections 31 and 32 of this chapter,money received by the attorney general under this chapter, includingthe proceeds from the sale of abandoned property under section 31of this chapter, shall be transferred by the attorney general to thetreasurer of state for deposit in the abandoned property fund.
(b) Money received under this chapter that was originally drawnfrom a fund under the control of a local unit of government shall betransferred 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; paymentof claims over $500,000; deposit recording requirements; earningscredited; interest transfers
Sec. 34. (a) Except as provided in section 42(d) of this chapter,the treasurer of state shall, on order of the attorney general, pay thenecessary costs of the following:
(1) Selling abandoned property.
(2) Mailing notices.
(3) Making publications required by this chapter.
(4) Paying other operating expenses and administrativeexpenses, including:
(A) salaries and wages reasonably incurred by the attorneygeneral in the administration and enforcement of thischapter; and
(B) costs incurred in examining records of the holders ofproperty and in collecting the property from the holders.
(b) If the balance of the principal of the abandoned property fundestablished by section 33 of this chapter exceeds five hundredthousand dollars ($500,000), the treasurer of state may, and at leastonce each fiscal year shall, transfer to the state general fund thebalance of the principal of the abandoned property fund that exceedsfive hundred thousand dollars ($500,000).
(c) If a claim is allowed or a refund is ordered under this chapterthat is more than five hundred thousand dollars ($500,000), thetreasurer of state shall transfer from the state general fund sufficientmoney to make prompt payment of the claim. There is annuallyappropriated to the treasurer of state from the state general fund theamount of money sufficient to implement this subsection.
(d) Before making a deposit into the abandoned property fund, theattorney general shall record the following:
(1) The name and last known address of each person appearingfrom the holder's reports to be entitled to the abandonedproperty.
(2) The name and last known address of each insured person orannuitant.
(3) The number, the name of the corporation, and the amountdue concerning any policy or contract listed in the report of alife insurance company. (e) Except as provided in subsection (f), earnings on the propertycustody fund and the abandoned property fund shall be credited toeach fund.
(f) On July 1 of each year, the interest balance in the propertycustody fund established by section 32 of this chapter and the interestbalance in the abandoned property fund shall be transferred to thestate general fund.
As added by P.L.2-2002, SEC.19. Amended by P.L.246-2005,SEC.217.
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 inthe property custody fund established by section 32 of this chapterand the abandoned property fund established by section 33 of thischapter. The money may not be transferred or assigned except asspecifically authorized and directed in this chapter. At any time,upon certification of the attorney general and the treasurer of statethat there is cash on deposit in either fund in excess of the cashrequirements of the fund anticipated for the next succeedingsemiannual fiscal period, the state board of finance may authorize thetreasurer of state to invest and reinvest the money as authorized forother funds of the state by IC 5-13, including the purchase ofcertificates of deposit. However, an investment may not be made ina certificate of deposit with a maturity or redemption date that ismore than six (6) months after the date of purchase, subscription, ordeposit. Any interest or other accretions derived from investmentsmade under this subsection become a part of the fund from which themoney was invested.
(b) A sufficient amount of money from the abandoned propertyfund is appropriated to the treasurer of state to pay claims, costs, andexpenses ordered paid from the abandoned property fund under thischapter.
(c) A sufficient amount of money from the property custody fundis annually appropriated to the treasurer of state to pay claimsordered 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