§ 5-11-10.5-7 — Agreements to pay for assistance in recovering outstanding and unpaid check or warrant

Indiana § 5-11-10.5-7

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 11: ACCOUNTING FOR PUBLIC FUNDS
• Ch. 10.5: Disposition of Warrants and Checks

Text

(a) This section applies to a warrant or a
check drawn from the public funds of a political subdivision, if the
check or warrant is outstanding and unpaid, but is not determined to be
unclaimed property under IC 32-34-1.5.
(b) An agreement for which the primary purpose is to pay
compensation to locate, deliver, recover, or assist in the recovery of a
check or warrant described in subsection (a) is valid only if:
(1) the fee or compensation agreed upon is not more than ten
percent (10%) of the amount collected unless the amount
collected is fifty dollars ($50) or less;
(2) the agreement is in writing;
(3) the agreement is signed by the apparent owner; and
(4) the agreement clearly sets forth:
(A) the nature and value of the property; and
(B) the value of the apparent owner's share after the fee or
compensation has been deducted.
(c) This section does not prevent an owner from asserting at any
time that an agreement to locate property is otherwise invalid.

Legislative History

As added by P.L.127-2000, SEC.2. Amended by P.L.2-2002, SEC.33; P.L.141-2021, SEC.3.