(a) An item of jewelry left with a jeweler or merchant for service or repair or on consignment that is not claimed within one (1) year or by a later time if the later time is specified in writing shall be deemed abandoned property and may be disposed of under this section without recourse by or liability to the party delivering the jewelry, the owner of the jewelry, or any other party.
(b) The jeweler or merchant may dispose of the jewelry if at the time of receiving the jewelry:
(1) The jeweler or merchant gives the party delivering the jewelry notice in writing that:
(A) The jeweler or merchant may dispose of the jewelry without any liability or accountability to the party delivering the jewelry, the owner of the jewelry, or any other party unless the jewelry is reclaimed within one (1) year or by a later time if the later time is specified by the parties in writing; and
(B) The party delivering the jewelry, the owner of the jewelry, or any other interested party must supply to the jeweler or merchant a current mailing address in order to receive notice of a sale or other disposition of the property after one (1) year or by a later time if the later time is specified by the parties in writing; and
(2) The jeweler or merchant receives a current mailing address from the party delivering the jewelry and, if different, the owner of the jewelry.
(c)
(1) Notice that the jewelry is deemed abandoned under this section shall be sent by certified mail to each current mailing address that has been supplied to the jeweler or merchant at least fifteen (15) days prior to the sale or other disposition of the jewelry, or a different time period if agreed to by the parties in writing.
(2) The failure of the party delivering the jewelry, the owner of the jewelry, or any other interested party to supply a current mailing address in order to receive notice of the sale or other disposition of the jewelry is a waiver of any right, claim, or interest in the jewelry.
(d)
(1) A jeweler or merchant that disposes of jewelry under this section shall apply the proceeds from the sale or other disposition of the jewelry to:
(A) A reasonable handling charge of the jeweler or merchant, not to exceed fifty dollars ($50.00); and
(B) The indebtedness owed to the jeweler or merchant for repairs or services performed in connection with the jewelry.
(2) Any proceeds that exceed the amount necessary to make the jeweler or merchant whole under subdivision (d)(1) of this section shall be treated as unclaimed property and reported and paid to the Auditor of State under the Unclaimed Property Act, § 18-28-201 et seq.