§ 10-11-5-3 — Public auction proceeds

(a) Except as provided in subsection (c), if:
(1) the money, goods, or other property remains unclaimed in the
possession or control of the employee to whom it was delivered
for six (6) months; and
(2) the location of the owner is unknown;
the goods or other property shall be sold at public auction.
(b) Notice of the sale must be published one (1) time each week for
two (2) consecutive weeks in a newspaper of general circulation
printed in the community in which the sale is to be held. The notice
must include the following information:
(1) The time and place of the sale.
(2) A description of the property to be sold.
(c) Any property that:
(1) is perishable;
(2) will deteriorate greatly in value by keeping; or
(3) the expense of keeping will be likely to exceed the value of the
property;
may be sold at public auction in accordance with the rules or orders of
the superintendent. If the nature of the property requires an immediate
sale, the superintendent may waive the six (6) month period of custody
and the notice of sale provided in this section.
(d) The proceeds of a sale, after deducting all reasonable charges
and expenses incurred in relation to the property, and all money shall
be presumed abandoned and shall be delivered to the attorney general
for deposit into the abandoned property fund for disposition as
provided by IC 32-34-1.5-42 and IC 32-34-1.5-44.
[Pre-2003 Recodification Citations: 10-1-5-1(b);
10-1-5-1(c).]

Legislative History

As added by P.L.2-2003, SEC.2. Amended by P.L.141-2021, SEC.7.