Bill Text: IN SB0222 | 2013 | Regular Session | Enrolled
Bill Title: Unclaimed property.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Passed) 2013-05-13 - Public Law 46 [SB0222 Detail]
Download: Indiana-2013-SB0222-Enrolled.html
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AN ACT to amend the Indiana Code concerning state and local administration.
(1) the last known address of the apparent owner, as shown on 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
(2) the property is located in a state that does not provide for
the escheat or custodial taking of the property.
(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
after expiration of the lease or rental period on the box or other
depository, the property or proceeds are presumed abandoned.
(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 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.
(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 may not be delivered to the attorney general until one hundred twenty (120) 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 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.
(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 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.
(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 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.
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