Report of property presumed abandoned
Sec. 26. (a) A holder of property that is presumed abandoned and
that is subject to custody as unclaimed property under this chapter
shall report in writing to the attorney general concerning the
property. Items of value of less than fifty dollars ($50) may be
reported by the holder in the aggregate.
(b) For each item with a value of at least fifty dollars ($50), the
report required under subsection (a) must be verified and must
include the following:
(1) The apparent owner's:
(A) name, if known;
(B) last known address, if any; and
(C) Social Security number or taxpayer identification
number, if readily ascertainable.
(2) In the case of the contents of a safe deposit box or other
safekeeping depository of tangible property:
(A) a description of the property;
(B) the place where the property is held and may be
inspected by the attorney general; and
(C) any amount that is owed to the holder.
(3) The date:
(A) the property became payable, demandable, or returnable;
and
(B) of the last transaction with the apparent owner with
respect to the property.
(4) Other information that the attorney general requires by rules
adopted under IC 4-22-2 as necessary for the administration of
this chapter.
(c) If:
(1) a holder of property that is presumed abandoned and that is
subject to custody as unclaimed property is a successor to
another person who previously held the property for the
apparent owner; or
(2) the holder has changed its name while holding the property;
the holder shall file with the report required by subsection (a) the
former names of the holder, if any, and the known name and address
of any previous holder of the property.
(d) The attorney general shall establish filing dates for the report
required by subsection (a).
(e) The holder of property that is presumed abandoned and that is
subject to custody as unclaimed property under this chapter shall, not
more than one hundred twenty (120) days or less than sixty (60) days
before filing the report required by subsection (a), send written
notice to the apparent owner of the property stating that the holder is
in possession of property subject to this chapter if:
(1) the holder has a record of an address for the apparent owner
that the holder's records do not show as inaccurate;
(2) the claim of the apparent owner is not barred by the statute
of limitations; and
(3) the value of the property is at least fifty dollars ($50).
(f) Before the date of filing the report required by subsection (a),
the holder may request the attorney general to extend the time for
filing the report. The attorney general may grant the extension upon
a showing of good cause. The holder, upon receipt of the extension,
may make an interim payment on the amount the holder estimates
will ultimately be due. The making of an interim payment under this
subsection suspends the accrual of interest on the amount.
(g) The holder shall file with the report an affidavit stating that
the holder has complied with this section.
As added by P.L.2-2002, SEC.19. Amended by P.L.107-2003, SEC.3.
Last modified: May 24, 2006