43-41B-23. Public sale of abandoned property.
305 words·~1 min read·
/sd/title-43/chapter-43-41/43-41b-23A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)No earlier than three years after the receipt of abandoned property, the administrator shall sell the property to the highest bidder at a public sale or by means of an internet auction, depending on which method of sale the administrator determines affords the most favorable market for the property. The administrator may decline the highest bid and reoffer the property for sale if the administrator determines that the bid is insufficient. If the administrator determines that the probable cost of the sale will exceed the value of the property, the administrator need not offer the property for sale. Any sale held under this section shall be preceded by a publication of notice, at least three weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.
(b)Securities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator considers advisable.
(c)The state treasurer shall sell all stocks, bonds, and other negotiable instruments within one hundred eighty days of confirmed receipt of such instruments, unless the property is on an open claim. The state treasurer is not liable for any loss or gain in the value that the instrument would have obtained had the instrument been held instead of being sold.
(d)The purchaser of property at any sale conducted by the administrator pursuant to this chapter takes the property free of all claims by the owner or previous holder of the property and by all persons claiming through or under the owner or previous holder.
(e)The administrator shall execute all documents necessary to complete the transfer of ownership.