Named Range
 

2007 with compatibility with 2003

In my data validation I have the following formula

=IF(C23="",Settle_List,INDIRECT(payout_opt))

payout_opt can be several options

If the range name of "selected" payout_opt is static

=Model_info!$M$3:$M$14

everything works fine, bue whent I want to change the range name dynamically
to

=OFFSET(Model_info!$M$3,0,0,Model_info!$M$37,1)

or

=Indirect("Model_info!$M$3:M"&M37+2)

it doesn't (The dropdown function only lists the first options.

What am I doing wrong?