Sec. 15-701. Public sale of property.

321 words·~1 min read·/il/chapter-765/act-1026/15-701·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Subject to Section 15-702, not earlier than 3 years after receipt of property presumed abandoned, the administrator may sell the property.

(b)Before selling property under subsection (a), the administrator shall give notice to the public of:

(1)the date of the sale; and

(2)a reasonable description of the property.

(c)A sale under subsection

(a)must be to the highest bidder:

(1)at public sale at a location in this State which the administrator determines to be

the most favorable market for the property;

(2)on the Internet; or

(3)on another forum the administrator determines is likely to yield the highest net

proceeds of sale.

(d)The administrator may decline the highest bid at a sale under this Section and reoffer the property for sale if the administrator determines the highest bid is insufficient.

(e)If a sale held under this Section is to be conducted other than on the Internet, the administrator must cause to be published at least one notice of the sale, at least 2 weeks but not more than 5 weeks before the sale, in a newspaper of general circulation in the county in which the property is to be sold. For purposes of this subsection, the reasonable description of property to be sold required by subsection

(b)above may be satisfied by posting such information on the administrator's website so long as the newspaper notice includes the website address where such information is posted.

(f)Property eligible for sale will not be sold when a claim has been filed with the administrator by an apparent owner, heir, or agent. However, upon approval of a claim, the owner, heir or, agent may request the administrator to dispose of the property by sale and remit the net proceeds to the owner, heir, or agent. Upon disapproval of the claim, the administrator may dispose of the property by sale.