§ 29-2-6-1 — Distribution of estates; bond; trustee appointed

Indiana § 29-2-6-1

• Jurisdiction: Indiana
• Art. 2: MISCELLANEOUS PROVISIONS
• Ch. 6: Administration of Absentee's Estate Where There Is a

Text

When any resident of this state shall have
absented himself from his usual place of residence and gone to parts
unknown for a space of five (5) years, and when, in such case, thirty
(30) days' notice shall have been given to such person by publication
in a newspaper of general circulation published at the capital of the
state, and also in a paper published in the county where he last resided
in such state, if there be any, it shall be presumed and taken by the
court having probate jurisdiction in the county where such person last
resided, or any county of said state where trust funds or an interest
therein have been left to such person, as hereinafter set out, that such
person is dead, upon presentation of proper proof of such absence and
of publication of notice. Any interest any such absentee would have in
any property under and by the terms of any will shall be administered
upon by the executor of such will the same as though such person were
in fact dead; and where, by the terms of any will, a trust has been
created in favor of such absentee, such trust shall be terminated and the
executor of such will or the trustee in charge of said trust funds shall
administer and dispose of such funds as are provided in such will upon
the death of the cestui que trust: Provided, however, That before any
distribution of any such trust funds shall be made to the person or
persons entitled to receive the same, 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,
with interest, on demand of said cestui que trust, said bond to run and
be enforced for the period of three (3) years from the date of the
judgment of the court declaring said absentee legally dead, and if,
during said period of three (3) years, the absentee shall not appear and
demand any rights he may have in said trust, 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 and his rights in said trust within said period of
three (3) years, the court shall order the money so held by such trustee
so appointed by said court to be paid to the person or persons entitled
to it absolutely. The provisions of this section shall apply to all pending
and future administrations of trust funds left to absentees.
Formerly: Acts 1915, c.43, s.1.