MISCELLANEOUS LAWS
385
property is sold on execution under IC
34-55-6;
(C) the proceeds of the sale or the
money be:
(i) deposited in the general fund of
the state, or the unit that employed
the law enforcement officers that
seized the property; or
(ii) deposited in the general fund of
a unit if the property was seized by
a local law enforcement agency
of the unit for an offense, an
attempted offense, or a conspir-
acy to commit an offense under
IC 35-47 as part of or in further-
ance of an act of terrorism; and
(D) any excess in value of the pro-
ceeds or the money over the law
enforcement costs be forfeited and
transferred to the treasurer of state for
deposit in the common school fund.
(e) If property that is seized under this chap-
ter (or IC 34-4-30.1-4 before its repeal) is trans-
ferred:
(1) after its seizure, but before an action is
filed under section 3 of this chapter (or IC
34-4-30.1-3 before its repeal); or
(2) when an action filed under section 3 of
this chapter (or IC 34-4-30.1-3 before its
repeal) is pending;
the person to whom the property is transferred
must establish an ownership interest of record as
a bona fide purchaser for value. A person is a
bona fide purchaser for value under this section if
the person, at the time of the transfer, did not
have reasonable cause to believe that the property
was subject to forfeiture under this chapter.
(f) If the property seized was an unlawful
telecommunications device (as defined in IC 35-
45-13-6) or plans, instructions, or publications
used to commit an offense under IC 35-45-13, the
court may order the sheriff of the county in which
the person was convicted of an offense under IC
35-45-13 to destroy as contraband or to otherwise
lawfully dispose of the property.
34-24-1-5. Secured interest or co-owner in
property; determination of value;
release to secured party.
(a) If:
(1) the court has entered judgment in favor
of the state, and a unit (if appropriate)
concerning property that is subject to
seizure under this chapter; and
(2) a person:
(A) holding a valid lien, mortgage,
security interest, or interest under a
conditional sales contract; or
(B) who is a co-owner of the property;
did not know of the illegal use;
the court shall determine whether the secured
interest or the co-owner's interest is equal to or in
excess of the appraised value of the property.
(b) Appraised value is to be determined as of
the date of judgment on a wholesale basis by:
(1) agreement between the secured party or
the co-owner and the prosecuting attor-
ney; or
(2) the inheritance tax appraiser for the
county in which the action is brought.
(c) If the amount:
(1) due to the secured party; or
(2) of the co-owner's interest;
is equal to or greater than the appraised value of
the property, the court shall order the property
released to the secured party or the co-owner.
(d) If the amount:
(1) due the secured party; or
(2) of the co-owner's interest;
is less than the appraised value of the property, the
holder of the interest or the co-owner may pay into
the court an amount equal to the owner's equity,
which shall be the difference between the
appraised value and the amount of the lien, mort-
gage, security interest, interest under a condi-
tional sales contract, or co-owner's interest. Upon
such payment, the state or unit, or both, shall
relinquish all claims to the property, and the court
shall order the payment deposited as provided in
section 4(d) of this chapter.
(e) If the seized property is a vehicle and if the
security holder or the co-owner elects not to make
payment as stated in subsection (d), the vehicle
shall be disposed of in accordance with section 4(c)
of this chapter.
34-24-1-6. Public sale of seized property;
disposition of proceeds.
