§ 23-17-30-1 — Dissolution of corporations; transfer and distribution of assets

Indiana § 23-17-30-1

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 17: NONPROFIT CORPORATIONS
• Ch. 30: Miscellaneous Provisions

Text

(a) Assets of a dissolved corporation that
should be transferred to a creditor, claimant, or member of the
corporation who cannot be found or who is not competent to receive
the assets shall be reduced to cash subject to known trust restrictions
and deposited with the treasurer of state or other appropriate state
official for safekeeping. The treasurer of state may receive and hold
property in kind. When a creditor, claimant, or member furnishes
satisfactory proof of entitlement to the amount deposited or property
held in kind, the treasurer of state shall deliver to the creditor, claimant,
or member, or a person representing a creditor, claimant, or member,
that amount.
(b) On dissolution of a corporation, assets remaining after
distribution shall escheat to the state. The corporation shall pay the
assets to the state general fund through payment to the treasurer of
state.

Legislative History

As added by P.L.179-1991, SEC.1.