Probate Practice and Procedure

CHAPTER 33-21.1
Unclaimed Intangible and Tangible Property

SECTION 33-21.1-2

§ 33-21.1-2. Property presumed abandoned.

(a) Except as otherwise provided by this chapter, all intangible property, including any income or increment derived from intangible property, less any lawful charges, that is held, issued, or owing in the ordinary course of a holder's business and has remained unclaimed by the owner for more than three (3) years after it became payable or distributable is presumed abandoned.

(b) Property is payable or distributable for the purpose of this chapter notwithstanding the owner's failure to make demand or to present any instrument or document required to receive payment.

History of Section.
(P.L. 1986, ch. 500, § 3; P.L. 1992, ch. 133, art. 86, § 2.)