Sec. 20.5. (a) Notwithstanding section 29(b) of this chapter, United States savings bonds that are presumed abandoned under section 20 of this chapter become unclaimed property and escheat to the state subject to the provisions of this chapter. All property rights and legal title to:

(1) United States savings bonds; and

(2) proceeds from United States savings bonds;

vest solely in the state.

(b) If:

(1) a claim has not been filed for a United States savings bond in accordance with the provisions of this chapter within one hundred eighty (180) days after the date the bond stops earning interest as described in section 20(c)(14) of this chapter; and

(2) the attorney general brings an action under section 51 of this chapter;

the court shall enter a judgment for the state concerning the bond if the court is satisfied by the evidence that the attorney general has substantially complied with the laws of the state.

(c) The attorney general shall:

(1) collect any United States savings bonds escheated to the state, including any proceeds from the bonds; and

(2) transfer all money received to the treasurer of state for deposit in the abandoned property fund under section 33 of this chapter.

(d) A person who wishes to make a claim for a United States savings bond escheated to the state under this section may file a claim with the attorney general. Upon providing sufficient proof of the validity of a person's claim filed under this subsection, the attorney general may pay the claim, less any expenses and costs that have been incurred by the state in securing full title and ownership of the property by escheat.

(e) If payment has been made to a claimant under subsection (d), an action may not be brought or maintained against the state, or any officer of the state, for or on account of any acts taken by the attorney general under this section.

As added by P.L.47-2015, SEC.3.