Section 10 IAC 1.5-3-4 - Automatically renewable property; penalties and forfeitureAuthority: IC 32-34-1-52
Affected: IC 32-34-1
Sec. 4.
(a) Except as provided in subsections (b) and (c), any property that is automatically renewable, such as an instrument having rollover provisions, is matured upon the expiration of its initial time period.(b) If the owner consents to a renewal by communicating in writing with the banking or financial organization at or about the time of renewal, or otherwise indicates consent, as evidenced by a memorandum or other record on file prepared by an employee of the organization, the property is matured upon the expiration date of the last time period for which consent was given.(c) If, at the time for delivery to the attorney general, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery shall be extended until the earliest date when no penalty or forfeiture would result.Office of Attorney General for the State; 10 IAC 1.5-3-4; filed Jul 1, 1997, 4:15 p.m.: 20 IR 2999; readopted filed Aug 14, 2003, 1:15 p.m.: 27 IR 946; readopted filed Oct 6, 2009, 9:03 a.m.: 20091104-IR-010090575RFAReadopted filed 10/26/2015, 1:48 p.m.: 20151125-IR-010150149RFAReadopted filed 11/10/2021, 4:13 p.m.: 20211208-IR-010210426RFA