§ 32-34-1.5-4 — Presumption of abandonment

Indiana § 32-34-1.5-4

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

Text

Subject to section 11 of this chapter, the
following property is presumed abandoned if it is unclaimed by the
apparent owner during the period specified as follows:
(1) For a traveler's check, fifteen (15) years after issuance.
(2) For a money order, seven (7) years after issuance.
(3) For a state or municipal bond, bearer bond, or original issue
discount bond, three (3) years after the earliest of the date the
bond matures or is called or the obligation to pay the principal of
the bond arises.
(4) For a debt of a business association, three (3) years after the
obligation to pay arises.
(5) For a payroll card or demand, savings, or time deposit,
including a deposit that is automatically renewable, three (3)
years after the maturity of the deposit. This does not include a
deposit that is automatically renewable, which is deemed matured
on its initial date of maturity unless the apparent owner consented
in a record on file with the holder to renewal at the time of
account opening or at or about the time of the renewal.
(6) For money owed to a customer as a result of a retail business
transaction, three (3) years after the obligation arose.
(7) For an amount owed by an insurance company on a life or
endowment insurance policy or an annuity contract that has
matured or terminated, three (3) years after the obligation to pay
arose under the terms of the policy or contract. If a policy or
contract for which an amount is owed on proof of death has not
matured by proof of the death of the insured or annuitant, the
amount must be paid as follows:
(A) With respect to an amount owed on a life or endowment
insurance policy, three (3) years after the earlier of the date the
insurance company has knowledge of the death of the insured
or the insured has attained, or would have attained if living, the
limiting age under the mortality table on which the reserve for
the policy is based.
(B) With respect to an amount owed on an annuity contract,
three (3) years after the date the insurance company has
knowledge of the death of the annuitant.
(8) For property distributable by a business association in the
course of dissolution, one (1) year after the property becomes
distributable.
(9) For property held by a court, including property received as
proceeds of a class action, three (3) years after the property
becomes distributable.
(10) For property held by a government or governmental
subdivision, agency, or instrumentality, including municipal bond
interest and unredeemed principal under the administration of a
paying agent or indenture trustee, one (1) year after the property
becomes distributable.
(11) For wages, commissions, bonuses, or reimbursements to
which an employee is entitled, or other compensation for personal
services, other than amounts held in a payroll card, one (1) year
after the amount becomes payable.
(12) For a deposit or refund owed to a subscriber by a utility, one
(1) year after the deposit or refund becomes payable.
(13) For property not specified in this section or sections 8 and 9
of this chapter, the earlier of three (3) years after the owner first
has a right to demand the property or the obligation to pay or
distribute the property arises.

Legislative History

As added by P.L.141-2021, SEC.20. Amended by P.L.101-2023, SEC.2.