Indiana § 23-17-25.7-3 Compliance; reasonable justification for noncompliance; damages for
failure to comply or provide a reasonable justification for
noncompliance

Indiana Statutes

§ 23-17-25.7-3 — Compliance; reasonable justification for noncompliance; damages for failure to comply or provide a reasonable justification for noncompliance

Indiana § 23-17-25.7-3

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 17NONPROFIT CORPORATIONS

Ch. 25.7Charitable Organization Beneficiary Bequest

This text of Indiana § 23-17-25.7-3 (Compliance; reasonable justification for noncompliance; damages for failure to comply or provide a reasonable justification for noncompliance) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 23-17-25.7-3 (2026).

Text

(a)A financial institution or insurance company that receives the affidavit described in section 2(1) of this chapter shall:

(1)comply with the requirements of section 2 of this chapter; or

(2)provide to the charitable organization that submitted the affidavit described in section 2(1) of this chapter a reasonable justification for not complying with the requirements of section 2 of this chapter; not later than sixty (60) days after receiving the affidavit.

(b)It is a reasonable justification for not complying with the requirements of section 2 of this chapter if compliance would cause a financial institution to violate:

(1)12 U.S.C. 1829b, 12 U.S.C. 1951-1960, 31 U.S.C. 5311-5314, 31 U.S.C. 5316-5336, 31 CFR 1000-1099, or any other federal law or regulation;

(2)the rules of a self-r

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(a) A financial institution or insurance
company that receives the affidavit described in section 2(1) of this
chapter shall:
(1) comply with the requirements of section 2 of this chapter; or
(2) provide to the charitable organization that submitted the
affidavit described in section 2(1) of this chapter a reasonable
justification for not complying with the requirements of section 2
of this chapter;
not later than sixty (60) days after receiving the affidavit.
(b) It is a reasonable justification for not complying with the
requirements of section 2 of this chapter if compliance would cause a
financial institution to violate:
(1) 12 U.S.C. 1829b, 12 U.S.C. 1951-1960, 31 U.S.C. 5311-5314,
31 U.S.C. 5316-5336, 31 CFR 1000-1099, or any other federal
law or regulation;
(2) the rules of a self-regulatory organization registered under the
federal Securities Exchange Act of 1934 (15 U.S.C. 78); or
(3) the laws of this state.
(c) If compliance with the requirements of section 2 of this chapter
would cause a violation of a federal law described in subsection (b), the
financial institution shall include in its reasonable justification a
request to the charitable organization to provide the information
required to comply with the federal law described in subsection (b).
(d) If a financial institution or insurance company fails to comply or
provide a reasonable justification for not complying with the
requirements of section 2 of this chapter not later than sixty (60) days
after receiving the affidavit described in section 2(1) of this chapter, a
court may:
(1) award the charitable organization damages sustained due to
the delay in receiving the funds under section 2 of this chapter;
(2) award the charitable organization court costs, including
attorney's fees; and
(3) impose a civil penalty on the financial institution or insurance
company in an amount not less than five hundred dollars ($500)
and not more than ten thousand dollars ($10,000) per incident.