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Can you summarize 10 INAC 1.5?
OFFICE OF ATTORNEY GENERAL FOR THE STATE > UNCLAIMED PROPERTY
Short Summary
The provided legal document content consists of definitions related to the Unclaimed Property Act. These definitions apply throughout the article and provide clarity on the terms used in the Act. The document defines terms such as ‘Act’ which refers to the Unclaimed Property Act, ‘Contraband’ which refers to items that may not generally be legally possessed, ‘Credit memo’ which includes all types of refunds and credit balances, ‘Deduct’ or ‘deducted’ which means to exclude or withhold, ‘Holder in due course’ which refers to the holder of an instrument as defined in IC 26-1-3.1-302, ‘Law enforcement agency’ which means any agency or entity as defined in IC 5-2-5-1 (14), ‘Owner-generated activity’ which means any activity generated by the owner of the unclaimed property or the owner’s authorized agent if the agent is not the holder of the unclaimed property, ‘Undelivered shares’ which means any certificate or other instrument of ownership that represents shares of stock of a business association still in the possession of the issuer, holder, transfer agent, or broker, ‘Underlying shares’ which means the intangible ownership interest or shares of stock of a business association no longer in the possession of the issuer, holder, transfer agent, or broker and the dividends or distributions as a result of the interest have been presumed abandoned, and ‘Warrant’ which means a payment instrument issued by the state to the claimant. These definitions help in understanding the terminology and concepts used in the Unclaimed Property Act and its application in unclaimed property matters.
Whom does it apply to?
The definitions apply to the Unclaimed Property Act and its application in unclaimed property matters.
What does it govern?
The provided legal document content consists of definitions related to the Unclaimed Property Act. These definitions apply throughout the article and provide clarity on the terms used in the Act. The document defines terms such as 'Act' which refers to the Unclaimed Property Act, 'Contraband' which refers to items that may not generally be legally possessed, 'Credit memo' which includes all types of refunds and credit balances, 'Deduct' or 'deducted' which means to exclude or withhold, 'Holder in due course' which refers to the holder of an instrument as defined in IC 26-1-3.1-302, 'Law enforcement agency' which means any agency or entity as defined in IC 5-2-5-1 (14), 'Owner-generated activity' which means any activity generated by the owner of the unclaimed property or the owner's authorized agent if the agent is not the holder of the unclaimed property, 'Undelivered shares' which means any certificate or other instrument of ownership that represents shares of stock of a business association still in the possession of the issuer, holder, transfer agent, or broker, 'Underlying shares' which means the intangible ownership interest or shares of stock of a business association no longer in the possession of the issuer, holder, transfer agent, or broker and the dividends or distributions as a result of the interest have been presumed abandoned, and 'Warrant' which means a payment instrument issued by the state to the claimant.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Indiana