§ 29-2-5-5 — Distribution of estates; bond; trustee

(a) The property of such departed person, real
and personal, and all his rights, obligations and choses in action, shall
be subject to the same liabilities, incidents, rights, management and
disposal under this chapter, in all respects, as if such person were
known to be deceased; and all adjudications and acts done by such
administrator or guardian shall be valid, effectual and binding on such
person should he return, as if they were his own acts, the acts and
doings of such administrator and guardian being in good faith and
without fraud.
(b) Before any distribution of the estate of such absentee shall be
made to the person or persons entitled to receive it, he or they shall
give security, to the approval of the proper circuit or superior court or
probate court of the county having jurisdiction thereof, in such sum as
the court shall direct, and conditioned that if the absentee shall, in fact,
be at the time alive, he or they will, respectively, refund the amounts
received by each, on demand, with interest; said bond to run and be in
force for the period of three (3) years from the date of the issuing of
letters of administration by said court, and if, during said period of
three (3) years, the absentee shall not appear and demand said estate,
the rights of the absentee thereto shall be barred; but if the person or
persons entitled to receive the same is or are unable to give the security
aforesaid, then the court shall appoint a trustee, who shall give bond for
the faithful performance of his duties in one and one-half times the
amount of such money, with sufficient sureties, who shall invest said
money at interest as the court may direct, which interest is to be paid
annually to the person or persons entitled to it, and the money to remain
at interest until the security aforesaid is given, and if the absentee does
not appear and demand said money within said period of three (3)
years, the court shall order it to be paid to the person or persons entitled
to it absolutely.
(c) The provisions of this section shall apply to all pending and
future administrations of such estates of absentees.
Formerly: Acts 1859, c.4, s.5; Acts 1913, c.326, s.1. As
amended by Acts 1982, P.L.171, SEC.70.