Property custody fund; notice requirements; transfer of principal;
claim by apparent owner
Sec. 32. (a) The property custody fund is established. Except as
provided in section 31(f) of this chapter, any money received by the
attorney general under section 39(b) of this chapter shall be delivered
to the treasurer of state for deposit in the property custody fund.
Subject to any claim of the owner allowed by the attorney general
under this chapter, the money shall be held in the property custody
fund for safekeeping until the date the money is presumed abandoned
under sections 20 and 24 of this chapter and transferred to the
abandoned property fund established by section 33 of this chapter in
accordance with this section.
(b) The attorney general shall specify in the notice required by
section 28 of this chapter the latest date the apparent owner may
claim the property from the property custody fund. Notice must also
be mailed to each person having a last known address listed in the
report to the attorney general filed under section 26 of this chapter.
(c) Except as provided in subsection (d), not later than twenty-five
(25) days after the date specified in the notice published under
subsection (b), the treasurer of state, upon order of the attorney
general, shall transfer the principal of the property to which the
notice relates from property custody fund to the abandoned property
fund.
(d) The attorney general may allow a claim of the apparent owner
before the principal of the property in the property custody fund is
transferred to the abandoned property fund under subsection (c).
After the elapse of the twenty-five (25) days referred to in subsection
(c), the funds are considered abandoned property instead of property
received under section 39(b) of this chapter for purposes of this
chapter.
As added by P.L.2-2002, SEC.19. Amended by P.L.107-2003, SEC.6.
Last modified: May 24, 2006