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#999022 - 07/18/08 03:42 PM Period to hold levied funds
jap Offline
Platinum Poster
jap
Joined: Mar 2004
Posts: 600
IN
As a result of the state's tax data match program, we are beginning to get lots of levies for customer funds. The levies come from a collection agency and reference IC 6.8-1-8-4.

When I search for this section in the IC, I come up empty. How many days are we to hold the levied funds before remitting them? The levies themselves do not state a time period; and when asked, the collection agency simply said to see state statute.
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#999143 - 07/18/08 04:53 PM Re: Period to hold levied funds jap
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,956
Bloomington, IN
You have the IC wrong. It's IC 6-8.1-8-4. I don't deal with this within our bank but I believe judgments are to be held for 60 days.
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#999170 - 07/18/08 05:07 PM Re: Period to hold levied funds Dan Persfull
jap Offline
Platinum Poster
jap
Joined: Mar 2004
Posts: 600
IN
Thanks Dan. Someone else had relayed the code to me. When I looked at the letter for myself I saw the problem. I should have verified that before posting. Thanks for the guidance. 60 days is right, by the way.
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