Indiana § 32-34-1.5-75 Unenforceable agreements to locate or recover property

Indiana Statutes

§ 32-34-1.5-75 — Unenforceable agreements to locate or recover property

Indiana § 32-34-1.5-75

Title 32PROPERTY

Art. 34LOST OR UNCLAIMED PERSONAL PROPERTY

Ch. 1.5Revised Unclaimed Property Act

This text of Indiana § 32-34-1.5-75 (Unenforceable agreements to locate or recover property) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 32-34-1.5-75 (2026).

Text

(a)Subject to subsection (b), an agreement under section 74 of this chapter is void if it is entered into during the period beginning on the date the property was paid or delivered by a holder to the attorney general and ending twenty-four (24) months after the payment or delivery.

(b)If a provision in an agreement described in subsection (a) applies to mineral proceeds for which compensation is to be paid to the other person based in whole or in part on a part of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void regardless of when the agreement was entered into.

(c)An agreement under subsection (a) which provides for compensation in an amount that is unconscionable is unenforceable except by the apparent owner. Compensation for an agreement

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(a) Subject to subsection (b), an agreement
under section 74 of this chapter is void if it is entered into during the
period beginning on the date the property was paid or delivered by a
holder to the attorney general and ending twenty-four (24) months after
the payment or delivery.
(b) If a provision in an agreement described in subsection (a)
applies to mineral proceeds for which compensation is to be paid to the
other person based in whole or in part on a part of the underlying
minerals or mineral proceeds not then presumed abandoned, the
provision is void regardless of when the agreement was entered into.
(c) An agreement under subsection (a) which provides for
compensation in an amount that is unconscionable is unenforceable
except by the apparent owner. Compensation for an agreement under
subsection (a) is unconscionable if the fee or compensation is more
than ten percent (10%) of the amount collected, unless the amount
collected is fifty dollars ($50) or less, and may not exceed five
thousand dollars ($5,000). An apparent owner that believes the
compensation the apparent owner has agreed to pay is unconscionable
or the attorney general, acting on behalf of an apparent owner, or both,
may file an action in a court with jurisdiction to reduce the
compensation to the maximum amount that is not unconscionable. An
apparent owner that prevails in an action under this subsection may be
awarded reasonable attorney's fees.
(d) An apparent owner or the attorney general may assert that an
agreement described in this section is void on a ground other than it
provides for payment of unconscionable compensation.
(e) This section does not apply to an apparent owner's agreement
with an attorney to pursue a claim for recovery of specifically identified
property held by the attorney general or to contest the attorney general's
denial of a claim for recovery of the property.