44-327

44-327. Agreement to locate property

A. The following are void and unenforceable:

1. An agreement entered into by an owner with another person if the primary purpose
of that agreement is to locate, deliver, recover or assist in the recovery of property
that is presumed abandoned, if the agreement was entered into during the period
commencing on the date the property was presumed abandoned and extending to a time that
is twenty-four months after the date that the property is paid or delivered to the
department. This paragraph does not apply to an owner's agreement with an attorney to
file a claim relating to identified property or to contest the department's denial of a
claim.

2. A provision in an agreement that requires an owner to pay compensation that
includes a portion of mineral proceeds that are not presumed abandoned or the underlying
minerals, if the primary purpose of the agreement is to locate, deliver, recover or
assist in the recovery of mineral proceeds that are presumed abandoned.

B. If an owner enters into an agreement that is not void pursuant to this section
and the primary purpose of that agreement is to locate, deliver, recover or assist in the
recovery of property reported to the department, the agreement is:

1. Enforceable if the agreement is in writing, clearly states the nature of the
property and the services to be performed, is signed by the apparent owner and states the
value of the property before and after the fee or other compensation has been deducted.
The fee or payment agreed on shall not be more than thirty per cent of the value of the
recoverable property reported to the department.

2. Unenforceable except by the owner if the agreement provides for compensation
that is more than thirty per cent of the value of the recoverable property reported to
the department.

C. An owner who has agreed to pay compensation that is more than thirty per cent of
the value of the recoverable property reported to the department, or the department on
behalf of the owner, may maintain an action to reduce the compensation. The court may
award reasonable attorney fees to an owner who prevails in the action. This section does
not prohibit an owner from asserting that an agreement is invalid on grounds other than
compensation.