Distribution of estates; bond; trustee appointed
Sec. 1. When any resident of this state shall have absented himself
from his usual place of residence and gone to parts unknown for a
space of five (5) years, and when, in such case, thirty (30) days'
notice shall have been given to such person by publication in a
newspaper of general circulation published at the capital of the state,
and also in a paper published in the county where he last resided in
such state, if there be any, it shall be presumed and taken by the court
having probate jurisdiction in the county where such person last
resided, or any county of said state where trust funds or an interest
therein have been left to such person, as hereinafter set out, that such
person is dead, upon presentation of proper proof of such absence
and of publication of notice. Any interest any such absentee would
have in any property under and by the terms of any will shall be
administered upon by the executor of such will the same as though
such person were in fact dead; and where, by the terms of any will,
a trust has been created in favor of such absentee, such trust shall be
terminated and the executor of such will or the trustee in charge of
said trust funds shall administer and dispose of such funds as are
provided in such will upon the death of the cestui que trust:
Provided, however, That before any distribution of any such trust
funds shall be made to the person or persons entitled to receive the
same, he or they shall give security to the approval of the proper
circuit or superior court or probate court of the county having
jurisdiction thereof, in such sum as the court shall direct, and
conditioned that if the absentee shall, in fact, be at the time alive, he
or they will respectively refund the amounts received by each, with
interest, on demand of said cestui que trust, said bond to run and be
enforced for the period of three (3) years from the date of the
judgment of the court declaring said absentee legally dead, and if,
during said period of three (3) years, the absentee shall not appear
and demand any rights he may have in said trust, the rights of the
absentee thereto shall be barred; but if the person or persons entitled
to receive the same is or are unable to give the security aforesaid,
then the court shall appoint a trustee, who shall give bond for the
faithful performance of his duties in one and one-half times the
amount of such money, with sufficient sureties, who shall invest said
money at interest, as the court may direct, which interest is to be paid
annually to the person or persons entitled to it, and the money to
remain at interest until the security aforesaid is given, and if the
absentee does not appear and demand said money and his rights in
said trust within said period of three (3) years, the court shall order
the money so held by such trustee so appointed by said court to be
paid to the person or persons entitled to it absolutely. The provisions
of this section shall apply to all pending and future administrations
of trust funds left to absentees.
(Formerly: Acts 1915, c.43, s.1.)
Last modified: May 27, 2006