Sec. 5. (a) If items of personal property having an estimated aggregate value of at least ten dollars ($10) are discovered within a vehicle that has been lawfully repossessed, the creditor must notify the debtor as follows:

(1) The notice must be written.

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Terms Used In Indiana Code 32-34-4-5

  • creditor: means the person who has lawfully repossessed a vehicle. See Indiana Code 32-34-4-1
  • debtor: means the person from whom a vehicle is repossessed. See Indiana Code 32-34-4-2
  • Personal property: All property that is not real property.
  • Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • value: means the amount of money that a reasonable person would estimate a willing buyer would pay for an item of personal property. See Indiana Code 32-34-4-3
  • vehicle: means a motor vehicle or a watercraft. See Indiana Code 32-34-4-4
(2) The notice must list each item of personal property having an estimated value greater than five dollars ($5).

(3) The notice must include the estimated aggregate value of all of the items of personal property.

(4) The notice must include a statement that if the debtor does not claim the property within thirty (30) days after the notice was sent, the personal property will become the property of the creditor with no right of redemption by the debtor.

(5) The notice must be sent by certified mail.

     (b) If the debtor does not claim the items of personal property included in a notice given under subsection (a) not more than thirty (30) days after the notice was mailed, the items of personal property become the property of the creditor with no right of redemption by the debtor.

[Pre-2002 Recodification Citation: 32-9-9-5.]

As added by P.L.2-2002, SEC.19.

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