§ 32-34-1.5-7 — Presumption of abandonment for property held in an account established for minors

Indiana § 32-34-1.5-7

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

Text

(a) Subject to section 11 of this chapter,
property held in an account established under a state's Uniform Gifts
to Minors Act or Uniform Transfers to Minors Act is presumed
abandoned if it is unclaimed by or on behalf of the minor on whose
behalf the account was opened three (3) years after the later of the
following:
(1) Except as provided in subdivision (2), the date a second
consecutive communication sent by the holder by first class
United States mail to the custodian of the minor on whose behalf
the account was opened is returned undelivered to the holder by
the United States Postal Service.
(2) If the second communication is sent later than thirty (30) days
after the date the first communication is returned undelivered, the
date the first communication was returned undelivered.
(3) The date on which the custodian is required to transfer the
property to the minor or the minor's estate in accordance with the
Uniform Gifts to Minors Act or Uniform Transfers to Minors Act
of the state in which the account was opened.
(b) If the holder does not send communications to the custodian of
the minor on whose behalf an account described in subsection (a) was
opened by first class United States mail, the holder shall attempt to
confirm the custodian's interest in the property by sending the
custodian an electronic mail communication not later than two (2)
years after the custodian's last indication of interest in the property.
However, the holder shall attempt to contact the custodian by first class
United States mail within sixty (60) days if any of the following
applies:
(1) The holder does not have information needed to send the
custodian an electronic mail communication or the holder
believes the electronic mail address in the holder's records is not
valid.
(2) The holder receives notification that the electronic mail
communication was not received.
(3) The custodian does not respond to the electronic mail
communication not later than thirty (30) days after the
communication was sent.
(c) If first class United States mail sent under subsection (b) is
returned undelivered to the holder by the United States Postal Service,
the property is presumed abandoned three (3) years after the later of the
following:
(1) The date a second consecutive communication to contact the
custodian by first class United States mail is returned to the
holder undelivered by the United States Postal Service.
(2) The date established by subsection (a)(3).
(d) When the property in the account described in subsection (a) is
transferred to the minor on whose behalf an account was opened or to
the minor's estate, the property in the account is no longer subject to
this section.

Legislative History

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