§ 29-1-17-12 — Unclaimed estate assets; disposition procedures; escheat; time limit; exceptions

Indiana § 29-1-17-12

• Jurisdiction: Indiana
• Art. 1: PROBATE CODE
• Ch. 17: Distribution and Discharge

Text

(a) If after reasonable search, satisfactory to
the court, there shall be no known heir of the decedent, all of the
decedent's net estate not disposed of by will shall be ordered paid to the
state treasurer to become a part of the common school fund, subject to
the further provisions of this section.
(b) If any heir, distributee, advisee, or claimant cannot be found
after reasonable search, satisfactory to the court, the personal
representative shall sell the share of the estate to which the heir,
distributee, advisee, or claimant is entitled, pursuant to an order of
court first obtained, and pay the proceeds to the clerk of the court for
use and benefit of the person or persons thereafter determined to be
entitled thereto according to law.
(c) When the personal representative shall pay any money to the
state treasurer or clerk of the court pursuant to this section, the personal
representative shall take a receipt therefor and file it with the court with
the other receipts filed in the proceeding. Such receipt shall be
sufficient to discharge the personal representative in the same manner
and to the same extent as though such distribution or payment were
made to a distributee or claimant entitled thereto.
(d) The moneys received by the state treasurer pursuant to the
provisions of this section shall be paid to the person entitled on proof
of the person's right thereto or in the case of an absentee, to the receiver
of such absentee's property, or, if the state treasurer refuses or fails to
pay because the state treasurer is doubtful as to the state treasurer's
duties in the premises, such person may apply to the court in which the
estate was administered, whereupon the court upon notice to the state
treasurer may determine the person entitled thereto and order the
treasurer to pay the same accordingly. No interest shall be allowed
thereon and such distributee or claimant shall pay all costs and
expenses incident to the proceedings. If such proceeds are not paid or
no application is made to the court within seven (7) years after such
payment to the state treasurer, no recovery thereof shall be had.
(e) This section does not apply to stocks, dividends, capital credits,
patronage refunds, utility deposits, membership fees, account balances,
or book equities for which the owner cannot be found and that are the
result of distributable savings of a rural electric membership
corporation formed under IC 8-1-13, a rural communications
cooperative corporation formed under IC 8-1-17, or an agricultural
cooperative association formed under IC 15-12-1.
Formerly: Acts 1953, c.112, s.1712. As amended by Acts 1981,
P.L.106, SEC.4; P.L.2-2008, SEC.69; P.L.81-2020, SEC.16.