393A.400 Public sale of property.
204 words·~1 min read·
/ky/chapter-393a/393a-400A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Subject to KRS 393A.410, the administrator may sell the property no earlier than
three
(3)years after receipt of property presumed abandoned.
(2)Before selling property under subsection
(1)of this section, the administrator shall
give notice to the public of:
(a)The date of the sale; and
(b)A reasonable description of the property.
(3)A sale under subsection
(1)of this section shall be to the highest bidder:
(a)At public sale at a location in this state which the administrator determines to
be the most favorable market for the property;
(b)On the Internet; or
(c)On another forum the administrator determines is likely to yield the highest
net proceeds of sale.
(4)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.
(5)If a sale held under this section is to be conducted other than on the Internet, the
administrator shall publish at least one
(1)notice of the sale, at least three
(3)weeks
but not more than five
(5)weeks before the sale, in a newspaper of general
circulation in the county in which the property is sold.