§ 5-13-13-2 — Amount of public funds in closed depository; determination procedure

Indiana § 5-13-13-2

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 13: INVESTMENT OF PUBLIC FUNDS
• Ch. 13: Payments From the Public Deposit Insurance Fund

Text

(a) After the receipt of the certificate and
statements required by section 1 of this chapter, the attorney general
and the state comptroller shall ascertain and fix the amount of public
funds in the closed depository deposited in the manner required by this
article. The amount of public funds deposited contrary to the
requirements of this article are not insured by this article.
(b) The attorney general and the state comptroller shall, within sixty
(60) days after the receipt of the certificate and statements, send a copy
of their decision by registered mail to the several public officers who
have filed statements and to the department of financial institutions, or
to the receiver if the closed depository is a national banking
association.
(c) The department of financial institutions or the receiver shall
cause notice of the decision to be published by one (1) publication in
a newspaper of general circulation in the county where the closed
depository is situated. This notice must be under the heading "Notice
to Depositors of ____________" (inserting the name of the closed
depository). The costs of the publication shall be charged to the
liquidation expense of the closed depository.
(d) Except as otherwise provided in this chapter, the decision of the
attorney general and the state comptroller, if they agree, is final, and
has the same force as a final judgment of a court. However, if any
depositor of the closed depository, within ten (10) days after the
publication of the notice required by this section, files objections to that
decision in writing in any court competent to determine matters
concerning the closed depository, the state comptroller shall withhold
payment of the claim until the objections are determined by the court.
(e) If the attorney general and state comptroller do not send a copy
of their decision to the department of financial institutions or to the
receiver of the national banking association within the time required by
this section, or if objections in writing are made as provided in this
section, the department of financial institutions or any receiver or any
treasurer or other person having funds on deposit in the closed
depository may petition any court competent to hear and determine
matters pertaining to the liquidation of the closed depository and to
determine the amount of public funds deposited in the manner required
by this chapter. The court shall, without delay, hear and determine the
issues presented by the petition and enter judgment accordingly.

Legislative History

As added by P.L.19-1987, SEC.15. Amended by P.L.5-1988, SEC.39; P.L.9-2024, SEC.143.