Indiana Code 29-1-17-12. Unclaimed estate assets; disposition procedures; escheat; time limit; exceptions
(b) If any heir, distributee, advisee, or claimant cannot be found after reasonable search, satisfactory to the court, the personal representative shall sell the share of the estate to which the heir, distributee, advisee, or claimant is entitled, pursuant to an order of court first obtained, and pay the proceeds to the clerk of the court for use and benefit of the person or persons thereafter determined to be entitled thereto according to law.
Terms Used In Indiana Code 29-1-17-12
- Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(d) The moneys received by the state treasurer pursuant to the provisions of this section shall be paid to the person entitled on proof of the person’s right thereto or in the case of an absentee, to the receiver of such absentee’s property, or, if the state treasurer refuses or fails to pay because the state treasurer is doubtful as to the state treasurer’s duties in the premises, such person may apply to the court in which the estate was administered, whereupon the court upon notice to the state treasurer may determine the person entitled thereto and order the treasurer to pay the same accordingly. No interest shall be allowed thereon and such distributee or claimant shall pay all costs and expenses incident to the proceedings. If such proceeds are not paid or no application is made to the court within seven (7) years after such payment to the state treasurer, no recovery thereof shall be had.
(e) This section does not apply to stocks, dividends, capital credits, patronage refunds, utility deposits, membership fees, account balances, or book equities for which the owner cannot be found and that are the result of distributable savings of a rural electric membership corporation formed under IC 8-1-13, a rural communications cooperative corporation formed under IC 8-1-17, or an agricultural cooperative association formed under IC 15-12-1.
Formerly: Acts 1953, c.112, s.1712. As amended by Acts 1981, P.L.106, SEC.4; P.L.2-2008, SEC.69; P.L.81-2020, SEC.16.