Sec. 5. If a trier of fact awards punitive damages that exceed the limitation under section 4 of this chapter, the court shall reduce the punitive damage award to not more than the greater of:
(1) three (3) times the amount of compensatory damages awarded in the action; or
(2) fifty thousand dollars ($50,000).
[Pre-1998 Recodification Citation: 34-4-34-5.]
As added by P.L.1-1998, SEC.47.
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