Indiana Code 32-34-1.5-28. Dormancy charge
Current as of: 2023 | Check for updates
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Sec. 28. (a) A holder may deduct a dormancy charge from property required to be paid or delivered to the attorney general if:
(2) the holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.
(1) a valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner’s failure to claim the property within a specified time; and
Terms Used In Indiana Code 32-34-1.5-28
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Contract: A legal written agreement that becomes binding when signed.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(b) The amount of the deduction under subsection (a) is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner’s property and any services received by the apparent owner.
As added by P.L.141-2021, SEC.20.