Payment or delivery of property to attorney general; automatically
renewable deposits; liability
Sec. 27. (a) Except as provided in subsections (b) and (c), on the
date a report is filed under section 26 of this chapter, the holder shall
pay or deliver to the attorney general the property that is described
in the report as unclaimed.
(b) In the case of an automatically renewable deposit, if at the
time of delivery under subsection (a) a penalty or forfeiture in the
payment of interest would result from the delivery of the property,
the time for delivery is extended until the earliest date upon which a
penalty or forfeiture would not result.
(c) Tangible property held in a safe deposit box or other
safekeeping depository may not be delivered to the attorney general
until one hundred twenty (120) days after the date the report
describing the property under section 26 of this chapter is filed.
(d) If the property reported to the attorney general is a security or
security entitlement under IC 26-1-8.1, the attorney general may
make an endorsement, instruction, or entitlement order on behalf of
the apparent owner to invoke the duty of the issuer or its transfer
agent or the securities intermediary to transfer or dispose of the
security or the security entitlement in accordance with IC 26-1-8.1.
(e) If the holder of property reported to the attorney general is the
issuer of a certificated security, the attorney general has the right to
obtain a replacement certificate under IC 26-1-8.1-405, and an
indemnity bond is not required.
(f) An issuer, the holder, and any transfer agent or other person
acting under the instructions of and on behalf of the issuer in
accordance with this section are not liable to the apparent owner and
must be indemnified against the claims of any person in accordance
with section 29 of this chapter.
As added by P.L.2-2002, SEC.19.
Last modified: May 24, 2006