First Regular Session 112th General Assembly (2001)


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     SENATE ENROLLED ACT No. 475



     AN ACT to amend the Indiana Code concerning property.

Be it enacted by the General Assembly of the State of Indiana:

    SECTION 1. IC 32-9-1.5-1 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2001]: Sec. 1. (a) This chapter does not apply to any property held, due, and owing in a foreign country and arising out of a foreign transaction.
    (b) This chapter does not apply to stocks, dividends, capital credits, patronage refunds, utility deposits, membership fees, account balances, or book equities for which the owner cannot be found and that are the result of distributable savings of a rural electric membership corporation formed under IC 8-1-13, a rural telephone cooperative corporation formed under IC 8-1-17, or an agricultural cooperative association formed under IC 15-7-1.
    (c) This chapter does not apply to unclaimed overpayments of utility bills that become the property of a municipality under IC 36-9-23-28.5.
    (d) This chapter does not apply to deposits required by a municipally owned utility (as defined in IC 8-1-2-1).
     (e) This chapter does not apply to a business to business credit memorandum or a credit balance resulting from a business to business credit memorandum.


SEA 475

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