Sec. 2. (a) After the receipt of the certificate and statements required by section 1 of this chapter, the attorney general and the state comptroller shall ascertain and fix the amount of public funds in the closed depository deposited in the manner required by this article. The amount of public funds deposited contrary to the requirements of this article are not insured by this article.

     (b) The attorney general and the state comptroller shall, within sixty (60) days after the receipt of the certificate and statements, send a copy of their decision by registered mail to the several public officers who have filed statements and to the department of financial institutions, or to the receiver if the closed depository is a national banking association.

     (c) The department of financial institutions or the receiver shall cause notice of the decision to be published by one (1) publication in a newspaper of general circulation in the county where the closed depository is situated. This notice must be under the heading “Notice to Depositors of ____________” (inserting the name of the closed depository). The costs of the publication shall be charged to the liquidation expense of the closed depository.

     (d) Except as otherwise provided in this chapter, the decision of the attorney general and the state comptroller, if they agree, is final, and has the same force as a final judgment of a court. However, if any depositor of the closed depository, within ten (10) days after the publication of the notice required by this section, files objections to that decision in writing in any court competent to determine matters concerning the closed depository, the state comptroller shall withhold payment of the claim until the objections are determined by the court.

     (e) If the attorney general and state comptroller do not send a copy of their decision to the department of financial institutions or to the receiver of the national banking association within the time required by this section, or if objections in writing are made as provided in this section, the department of financial institutions or any receiver or any treasurer or other person having funds on deposit in the closed depository may petition any court competent to hear and determine matters pertaining to the liquidation of the closed depository and to determine the amount of public funds deposited in the manner required by this chapter. The court shall, without delay, hear and determine the issues presented by the petition and enter judgment accordingly.

As added by P.L.19-1987, SEC.15. Amended by P.L.5-1988, SEC.39; P.L.9-2024, SEC.143.