§ 5-13-13-1 — Closed depository; payments to public officers of public funds deposited; determination of sums; certification

(a) Whenever any depository becomes a closed
depository, the board shall, as soon as possible and upon the conditions
prescribed in this section, make payment from the insurance fund to the
proper public officers of all public funds that were deposited in the
closed depository in the manner required by this article. These
payments shall be made only to the extent the public funds are not
covered by insurance of any federal deposit insurance agency.
(b) For the purpose of determining the sums to be paid on account
of public funds in any closed depository, the department of financial
institutions shall ascertain the amount of public funds on deposit in any
closed depository as disclosed by the records, and certify the amounts
to the attorney general, state comptroller, the several public officers
who have public funds on deposit, and the board for depositories,
which then constitutes a claim on the fund. The certification shall be
made within twenty (20) days after its special representative has taken
charge of the business and property of any closed depository, or the
receiver of any national banking association or state chartered state
banks within twenty (20) days after appointment.
(c) Within ten (10) days after the receipt of a certification under
subsection (b), the several public officers who have public funds on
deposit in the closed depository shall furnish to the attorney general
and the state comptroller:
(1) verified statements of the amount of the public funds on
deposit in the closed depository, as disclosed by their records;
(2) certified copies of the resolution or resolutions under which
the deposits were made; and
(3) any other information requested by the attorney general and
the state comptroller.

Legislative History

As added by P.L.19-1987, SEC.15. Amended by P.L.5-1988, SEC.38; P.L.9-2024, SEC.142.