2010 Tennessee Code
Title 66 - Property
Chapter 29 - Abandoned or Unclaimed Property
Part 1 - Uniform Disposition of Unclaimed (Personal) Property Act
66-29-122 - Agreements to locate reported property.

66-29-122. Agreements to locate reported property.

(a)  An agreement with an owner whereby the owner is to pay a fee or other remuneration for locating, delivering, recovering, or assisting in the recovery of property that has not yet been reported to the treasurer pursuant to this part is enforceable only if the agreement:

     (1)  Is in writing;

     (2)  Clearly sets forth the nature of the property and the services to be rendered;

     (3)  Is signed by the apparent owner;

     (4)  States the value of the property before and after the fee; and

     (5)  Contains such other information as the state treasurer may, by rule and regulation, direct.

(b)  An agreement with an owner whereby the owner is to pay a fee or other remuneration for locating, delivering, recovering, or assisting in the recovery of property that has been reported to the treasurer under this part is enforceable only if the property has been held by the treasurer for a period of one (1) year from the date advertised by the treasurer and if the agreement:

     (1)  Is in writing;

     (2)  Provides for a fee of not more than ten percent (10%) of the value of the recoverable property or fifty dollars ($50.00), whichever is greater;

     (3)  Clearly sets forth the nature of the property and the services to be rendered;

     (4)  Is signed by the apparent owner; and

     (5)  States the value of the property before and after the fee.

(c)  Nothing in this section shall be construed to prevent an owner from asserting at any time that an agreement to locate, deliver, recover, or assist in the recovery of property is based upon excessive or unjust consideration.

[Acts 1980, ch. 448, § 4; T.C.A., § 64-2922; Acts 1987, ch. 43, § 1; 1988, ch. 485, § 1; 2005, ch. 141, § 2.]