§ 32-34-1.5-9 — Presumption of abandonment for securities

Indiana § 32-34-1.5-9

• 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, a
security is presumed abandoned three (3) years after:
(1) the date a second consecutive communication sent by the
holder by first class United States mail to the apparent owner is
returned to the holder undelivered by the United States Postal
Service; or
(2) if the second communication is made later than thirty (30)
days after the first communication is returned, the date the first
communication is returned undelivered to the holder by the
United States Postal Service.
(b) If the holder does not send communications to the apparent
owner by first class United States mail, the holder shall attempt to
confirm the apparent owner's interest in the security by sending the
apparent owner an electronic mail communication not later than two
(2) years after the apparent owner's last indication of interest in the
security. However, the holder must attempt to contact the apparent
owner by first class United States mail within sixty (60) days if:
(1) the holder does not have information needed to send the
apparent owner an electronic mail communication or the holder
believes that the apparent owner's electronic mail address in the
holder's records is not valid;
(2) the holder receives notification that the electronic mail
communication was not received; or
(3) the apparent owner 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 to the holder undelivered by the United States Postal Service,
the security is presumed abandoned three (3) years after the date the
mail is returned.

Legislative History

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