§ 32-34-1.5-32.5 — United States savings bonds

Indiana § 32-34-1.5-32.5

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

Text

5. (a) Notwithstanding section 30(a) of
this chapter, United States savings bonds that are presumed abandoned
under this chapter escheat to the state subject to the provisions of this
chapter. All property rights and legal title to United States savings
bonds and proceeds from United States savings bonds vest solely in the
state.
(b) If:
(1) a claim has not been made for a United States savings bond in
accordance with the provisions of this chapter within one hundred
eighty (180) days after the bond stops earning interest; and
(2) the attorney general brings an action in a court with competent
jurisdiction;
the court shall enter a judgment for the state concerning the bond if the
court is satisfied with the evidence that the attorney general has
substantially complied with this chapter and the laws of the state.
(c) The attorney general shall:
(1) collect all United States savings bonds escheated to the state,
including any proceeds from the bonds; and
(2) transfer all money received to the treasurer of state under
section 42 of this chapter.
(d) A person who wishes to make a claim for a United States
savings bond escheated to the state under this section may file a claim
with the attorney general. Upon providing sufficient proof of the
validity of the claim filed under this subsection, the attorney general
may pay the claim, less any expenses and costs that have been incurred
by the state in securing full title and ownership of the property by
escheat.
(e) If payment has been made to a claimant under subsection (d), an
action may not be brought or maintained against the state, or any
officer of the state, for or on account of any acts taken by the attorney
general under this section.

Legislative History

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