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. (1) three (3) times the amount of compensatory damages awarded in the action; or

2. (2) fifty thousand dollars ($50,000).

   [Pre-1998 Recodification Citation: 34-4-34-5.]

As added by P.L.1-1998, SEC.47.