Ind. Code § 14-22-14-12

Sec. 12. (a) Except as provided in sections 13 and 14 of this chapter, a person may not hold or have an interest in more than one (1) commercial fishing license.

(b) If a person having an interest in one (1) commercial fishing license acquires an interest in a second commercial fishing license:

(1) the second license is valid; and

(2) the person is considered to have surrendered the first license. The first license may not be reinstated.