Distribution of estates; bond; trustee
Sec. 5. (a) The property of such departed person, real and
personal, and all his rights, obligations and choses in action, shall be
subject to the same liabilities, incidents, rights, management and
disposal under this chapter, in all respects, as if such person were
known to be deceased; and all adjudications and acts done by such
administrator or guardian shall be valid, effectual and binding on
such person should he return, as if they were his own acts, the acts
and doings of such administrator and guardian being in good faith
and without fraud.
(b) Before any distribution of the estate of such absentee shall be
made to the person or persons entitled to receive it, 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, on demand, with interest; said bond
to run and be in force for the period of three (3) years from the date
of the issuing of letters of administration by said court, and if, during
said period of three (3) years, the absentee shall not appear and
demand said estate, 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 within said period of three (3) years, the court shall order
it to be paid to the person or persons entitled to it absolutely.
(c) The provisions of this section shall apply to all pending and
future administrations of such estates of absentees.
(Formerly: Acts 1859, c.4, s.5; Acts 1913, c.326, s.1.) As amended by
Acts 1982, P.L.171, SEC.70.
Last modified: May 27, 2006