Dormancy periods for safe deposit boxes will be reduced in Indiana with the passage of SB 222. On April 12, 2013, Indiana passed this bill, which reduces the dormancy period for tangible property removed from safe deposit boxes and liquidated, from five (5) years to three (3) years.
The bill also clarifies that tangible property held in a safe deposit box, or any other safekeeping depository in Indiana that is presumed abandoned, is subject to the custody of Indiana regardless of the last known address of the apparent owner.
The bill also states that tangible property held in a safe deposit box or any other safekeeping depository in another state that is presumed abandoned is subject to the custody of Indiana if the last known address of the owner is in Indiana; and the property is located in a state that does not provide for the escheat or custodial taking of the property.
The new law goes into effect on July 1, 2013.