2006 Minnesota Statutes

345.515 AGREEMENTS TO LOCATE REPORTED PROPERTY.
It is unlawful for a person to seek or receive from another person or contract with a person
for a fee or compensation for locating property, knowing it to have been reported or paid or
delivered to the commissioner pursuant to chapter 345 prior to 24 months after the date the
property is paid or delivered to the commissioner.
No agreement entered into after 24 months after the date the property is paid or delivered to
the commissioner is valid if a person thereby undertakes to locate property included in a report for
a fee or other compensation exceeding ten percent of the value of the recoverable property unless
the agreement is in writing and signed by the owner and discloses the nature and value of the
property and the name and address of the holder thereof as such facts have been reported. Nothing
in this section shall be construed to prevent an owner from asserting at any time that an agreement
to locate property is based upon an excessive or unjust consideration.
History: 1977 c 137 s 11; 1983 c 301 s 234; 1986 c 444; 1996 c 439 art 1 s 21; 2000
c 483 s 52