Indiana Code 32-34-1.5-44. Deductions; transfer to state general fund
(1) expenses of disposition of property delivered to the attorney general under this chapter;
Terms Used In Indiana Code 32-34-1.5-44
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) reasonable service charges; and
(4) expenses incurred in examining records of or collecting property from a putative holder or holder.
(b) If the balance of the principal in the abandoned property fund exceeds five hundred thousand dollars ($500,000), the treasurer of state may, and at least once each fiscal year shall, transfer to the state general fund the balance of the principal of the abandoned property fund that exceeds five hundred thousand dollars ($500,000).
(c) If a claim is allowed or a refund is ordered under this chapter that is more than five hundred thousand dollars ($500,000), the treasurer of state shall transfer from the state general fund sufficient money to make prompt payment of the claim. There is annually appropriated to the treasurer of state from the state general fund the amount of money sufficient to implement this subsection.
(d) Except as provided in subsection (e), earnings on the abandoned property fund must be credited to the fund.
(e) On July 1 of each year, the interest balance in the abandoned property fund must be transferred to the state general fund.
As added by P.L.141-2021, SEC.20.