Payment by treasurer; transfer if fund exceeds $500,000; payment
of claims over $500,000; deposit recording requirements; earnings
credited; interest transfers
Sec. 34. (a) Except as provided in section 42(d) of this chapter,
the treasurer of state shall, on order of the attorney general, pay the
necessary costs of the following:
(1) Selling abandoned property.
(2) Mailing notices.
(3) Making publications required by this chapter.
(4) Paying other operating expenses and administrative
expenses, including:
(A) salaries and wages reasonably incurred by the attorney
general in the administration and enforcement of this
chapter; and
(B) costs incurred in examining records of the holders of
property and in collecting the property from the holders.
(b) If the balance of the principal of the abandoned property fund
established by section 33 of this chapter exceeds five hundred
thousand dollars ($500,000), the treasurer of state may, and at least
once each fiscal year shall, transfer to the state general fund the
balance of the principal of the abandoned property fund that exceeds
five hundred thousand dollars ($500,000).
(c) If a claim is allowed or a refund is ordered under this chapter
that is more than five hundred thousand dollars ($500,000), the
treasurer of state shall transfer from the state general fund sufficient
money to make prompt payment of the claim. There is annually
appropriated to the treasurer of state from the state general fund the
amount of money sufficient to implement this subsection.
(d) Before making a deposit into the abandoned property fund, the
attorney general shall record the following:
(1) The name and last known address of each person appearing
from the holder's reports to be entitled to the abandoned
property.
(2) The name and last known address of each insured person or
annuitant.
(3) The number, the name of the corporation, and the amount
due concerning any policy or contract listed in the report of a
life insurance company.
(e) Except as provided in subsection (f), earnings on the property
custody fund and the abandoned property fund shall be credited to
each fund.
(f) On July 1 of each year, the interest balance in the property
custody fund established by section 32 of this chapter and the interest
balance in the abandoned property fund shall be transferred to the
state general fund.
As added by P.L.2-2002, SEC.19. Amended by P.L.246-2005,
SEC.217.
Last modified: May 24, 2006