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2022 Indiana Code
Title 32. Property
Article 34. Lost or Unclaimed Personal Property
Chapter 1.5. Revised Unclaimed Property Act
32-34-1.5-28. Dormancy Charge
Universal Citation:
IN Code § 32-34-1.5-28 (2022)
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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:
(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
(2) the holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.
(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.
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