Tennessee § 66-29-176 - Enforceability of agreement to locate property.

§ 66-29-176. Enforceability of agreement to locate property.

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 under this part is enforceable only if the agreement: Is in writing; Clearly sets forth the nature of the property and the services to be rendered; Is signed by the apparent owner; States the value of the property before and after the fee; and Contains such other information as the state treasurer may, by rule, require. An agreement by an apparent owner and a person, the primary purpose of which is to locate, deliver, recover, or assist in the location, delivery, or recovery of property held by the treasurer, is enforceable only if the agreement: Is in a record that clearly sets forth the nature of the property and the services to be provided; Is signed by or on behalf of the apparent owner; States the amount or value of the property reasonably estimated or expected to be recovered, computed both before and after a fee or other compensation to be paid to the other person has been deducted; Does not provide for compensation of more than ten percent (10%) of the value of the recoverable property or fifty dollars ($50.00), whichever is greater; and Contains such other information as the state treasurer may, by rule, require. An agreement under this section is void and unenforceable if it is entered into within two (2) years from the date on which the property was paid or delivered by the holder to the treasurer. If a provision in an agreement described in this section applies to mineral proceeds for which compensation must be paid to a person based in whole or in part on a portion of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void and unenforceable, regardless of when the agreement is executed. This section does not apply to an apparent owner's agreement with an attorney to pursue a claim for recovery of specifically identified property held by the treasurer or to contest the treasurer's denial of a claim for recovery of the property. Acts 2017, ch. 457, § 1. Effective Dates. Acts 2017, ch. 457, § 7. July 1, 2017; provided that, for purposes of promulgating rules, the act took effect May 25, 2017.