5-24A-6. Property with fair market value greater than one hundred dollars.
121 words·~1 min read·
/sd/title-5/chapter-5-24/5-24a-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the property has an estimated fair market value greater than one hundred dollars, the administrator may designate one of the following methods of disposal:
(1)Transfer to another state agency or Indian tribe with or without charge;
(2)Public auction;
(3)Exchange as trade-in for replacement equipment;
(4)Private direct sales at no less than ninety percent of the fair market value;
(5)Direct sales to any authorized entity at no less than ninety percent of the fair market value; or
(6)Cannibalization.
If the expense of disposal under this section would reduce the net disposal value of the property to less than one hundred dollars, the property may be disposed of pursuant to the provisions of § 5-24A-7 .