Section 10 IAC 1.5-3-5 - Instruments representing ownership interestAuthority: IC 32-34-1-52
Affected: IC 32-34-1-20
Sec. 5.
(a) Except as provided in subsection (e), any undelivered share or other intangible instrument representing an ownership interest in a business association, in which the issuer has recorded on its books the issuance of the share but has been unable to deliver the certificate to the shareholder, is considered unclaimed funds if such undelivered share is unclaimed for the period specified by IC 32-34-1-20[IC 32-34-1 was repealed by P.L. 141-2021, SECTION 19, effective July 1, 2021.] for that type of interest.(b) The entity that possesses the undelivered share or other intangible instrument representing an ownership interest in a business association is considered the holder of the undelivered share.(c) At the time any undelivered share is considered as unclaimed funds under this section, any dividend, distribution, or other sum then held or owing to the owner as a result of the undelivered share, and not previously considered unclaimed funds, will be deemed unclaimed funds.(d) If any future dividend, distribution, or other sum payable to the owner as a result of the undelivered share is not claimed by the owner after the running of the statutory period for unclaimed interests of that type, a new unclaimed period commences and relates back to the time that dividend, distribution, or other sum became due and payable.(e) This rule does not apply to any undelivered share or other intangible instrument representing an ownership interest in a business association enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the undelivered share.Office of Attorney General for the State; 10 IAC 1.5-3-5; filed Jul 1, 1997, 4:15 p.m.: 20 IR 2999; errata filed Apr 17, 2003, 3:30 p.m.: 26 IR 3046; 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