Presumption of abandonment; expiration of period to commence
claim or recovery action; effect on reporting and delivery
requirements; limitation of actions
Sec. 41. (a) The expiration of any time specified by contract,
statute, or court order, during which:
(1) a claim for money or property can be made; or
(2) an action or a proceeding may be commenced or enforced to
obtain payment of a claim for money or to recover property;
does not preclude the money or property from being presumed
abandoned or affect any duty to file a report or to pay or deliver
abandoned property to the attorney general as required by this
chapter.
(b) An action or a proceeding may not be commenced by the
attorney general to enforce the provisions of this chapter more than
ten (10) years after the holder:
(1) specifically reported the property to the attorney general; or
(2) gave express notice to the attorney general of a dispute
regarding the property.
In the absence of a report, the period of limitations is tolled. The
period of limitations is also tolled by the filing of a false or
fraudulent report.
As added by P.L.2-2002, SEC.19.
Last modified: May 24, 2006