Indiana § 30-4-3-37 Unclaimed trust shares; disposition procedures

Indiana Statutes

§ 30-4-3-37 — Unclaimed trust shares; disposition procedures

Indiana·Art. 4 TRUST CODE·Ch. 3 Rules Governing the Rights, Powers, Duties, Liabilities,

(a)If a beneficiary of a trust cannot be found after a reasonable search, the trustee may file a petition setting out the facts of the unsuccessful search. The court may order the trustee to sell the shares of the trust to which the beneficiary is entitled and to pay the proceeds to the clerk of the court. The clerk shall hold the proceeds for the use and benefit of the person or persons thereafter determined by law to be entitled to the proceeds.

(b)If a trustee pays any money to the clerk of the court under this section, the trustee shall file a receipt with the court. Filing the receipt is sufficient to discharge the trustee in the same manner and to the same extent as though the trustee had paid or distributed the appropriate share of the trust to the unlocated beneficiary.

(c)This

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(a) If a beneficiary of a trust cannot be found
after a reasonable search, the trustee may file a petition setting out the
facts of the unsuccessful search. The court may order the trustee to sell
the shares of the trust to which the beneficiary is entitled and to pay the
proceeds to the clerk of the court. The clerk shall hold the proceeds for
the use and benefit of the person or persons thereafter determined by
law to be entitled to the proceeds.
(b) If a trustee pays any money to the clerk of the court under this
section, the trustee shall file a receipt with the court. Filing the receipt
is sufficient to discharge the trustee in the same manner and to the
same extent as though the trustee had paid or distributed the
appropriate share of the trust to the unlocated beneficiary.
(c) 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 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.

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