§ 1252 - Public sale of unclaimed property
§ 1252. Public sale of unclaimed property
(a) The treasurer shall, within one year, sell abandoned property, other than securities, to the highest bidder at public sale at a location which in the judgment of the treasurer affords the most favorable market for the sale of the property. The treasurer may decline any bid as insufficient. The treasurer need not offer the property for sale if the treasurer considers that the probable cost of sale will exceed the proceeds of the sale, or if the treasurer considers the abandoned property to have little or no value. A sale held under this subsection shall be preceded by a single publication of notice, at least three weeks before the sale, in a newspaper of general circulation in the county in which the property is to be sold, or by such other methods as the treasurer determines will best advertise the sale.
(b) The treasurer shall, within one year after receipt, sell all abandoned securities. Securities listed on an established stock exchange shall be sold at prices prevailing on the exchange at the time of sale. Other securities may be sold over the counter at prices prevailing at the time of sale or by any reasonable method selected by the treasurer. A person making a claim under this chapter is entitled to the proceeds of the sale of the securities less any deduction for expenses of this sale. A person making a claim under this chapter before the securities are sold is entitled to receive the securities without additional cost.
(c) A purchaser of property at a sale conducted by the treasurer pursuant to this chapter takes the property free of all claims of the owner or previous holder and of all persons claiming through or under them. The treasurer shall execute all documents necessary to complete the transfer of ownership.
(d) Notwithstanding the other provisions of this chapter, the treasurer is authorized to use discretion in selling abandoned property. The treasurer may delay a sale if, in his or her judgment, market conditions are unfavorable. The treasurer may determine that certain types of abandoned property are not appropriate for public sale and withhold those items from sale. (Added 2005, No. 161 (Adj. Sess.), § 1.)