§ 32-34-1.5-11 — Indication of apparent owner's interest

Indiana § 32-34-1.5-11

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 34: LOST OR UNCLAIMED PERSONAL PROPERTY
• Ch. 1.5: Revised Unclaimed Property Act

Text

(a) The period after which property is
presumed abandoned is measured from the later of:
(1) the date the property is presumed abandoned under this
chapter; or
(2) the latest indication of interest by the apparent owner in the
property.
(b) Under this chapter, an indication of an apparent owner's interest
in property includes:
(1) a record communicated by the apparent owner to the holder or
agent of the holder concerning the property or the account in
which the property is held;
(2) an oral communication by the apparent owner to the holder or
agent of the holder concerning the property or the account in
which the property is held, if the holder or its agent
contemporaneously makes and preserves a record of the fact of
the apparent owner's communication;
(3) presentment of a check or other instrument of payment of a
dividend, interest payment, or other distribution, or evidence of
receipt of a distribution made by electronic or similar means, with
respect to an account, underlying security, or interest in a business
association;
(4) activity directed by an apparent owner in the account in which
the property is held, including accessing the account or
information concerning the account, or a direction by the apparent
owner to increase, decrease, or otherwise change the amount or
type of property held in the account;
(5) a deposit into or withdrawal from an account at a financial
organization, including an automatic deposit or withdrawal
previously authorized by the apparent owner other than an
automatic reinvestment of dividends or interest;
(6) subject to subsection (e), payment of a premium on an
insurance policy;
(7) the mailing of any correspondence in writing from a financial
institution to the apparent owner, including:
(A) a statement;
(B) a report of interest paid or credited; or
(C) any other written advice;
relating to a demand, savings, or matured time deposit account,
including a deposit account that is automatically renewable or any
other account or property the apparent owner has with the
financial institution, if the correspondence is not returned to the
financial institution for nondelivery;
(8) any activity by the apparent owner that concerns:
(A) another demand, savings, or matured time deposit account
or other account the apparent owner has with a financial
institution, including any activity by the apparent owner that
results in an increase or decrease in the amount of any other
account; or
(B) any other relationship with the financial institution,
including the payment of any amounts due on a loan; and
(9) any other action by the apparent owner which reasonably
demonstrates to the holder that the apparent owner knows the
property exists.
(c) An action by an agent or other representative of an apparent
owner, other than the holder acting as the apparent owner's agent, is
presumed to be an action on behalf of the apparent owner.
(d) A communication with an apparent owner by a person other than
the holder or the holder's representative is not an indication of interest
in the property by the apparent owner unless a record of the
communication evidences the apparent owner's knowledge of a right to
the property.
(e) If an insured dies or an insured or beneficiary of an insurance
policy otherwise becomes entitled to the proceeds before depletion of
the cash surrender value of the policy by operation of an automatic
premium loan provision or other nonforfeiture provision contained in
the policy, the operation does not prevent the policy from maturing or
terminating.

Legislative History

As added by P.L.141-2021, SEC.20.