§ 28-5-2-2 — Payment after death of certificate holder

If any certificate holder of any industrial loan
and investment company shall die, leaving unpledged certificates in
such company and no executor of the will or administrator of the estate
has been appointed, such company, 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; P.L.79-2017, SEC.71.