Unclaimed estate assets; disposition procedures; escheat; time
limit; exceptions
Sec. 12. (a) If after reasonable search, satisfactory to the court,
there shall be no known heir of the decedent, all of his net estate not
disposed of by will shall be ordered paid to the state treasurer to
become a part of the common school fund, subject to the further
provisions of this section.
(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 he 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.
(c) When the personal representative shall pay any money to the
state treasurer or clerk of the court pursuant to this section, he shall
take a receipt therefor and file it with the court with the other
receipts filed in the proceeding. Such receipt shall be sufficient to
discharge the personal representative in the same manner and to the
same extent as though such distribution or payment were made to a
distributee or claimant entitled thereto.
(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 his 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 he is doubtful as to his 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 telephone
cooperative corporation formed under IC 8-1-17, or an agricultural
cooperative association formed under IC 15-7-1.
(Formerly: Acts 1953, c.112, s.1712.) As amended by Acts 1981,
P.L.106, SEC.4.
Last modified: May 27, 2006