(a) Within 1 year after delivery under this title of abandoned property other than money, the Administrator shall determine:
(1) Whether the property has commercial value; and
(2) If the property has commercial value, the property's commercial value.
(b)(1) Except as provided in subsection (c) of this section, within 1 year after delivery under this title of abandoned property other than money, the Administrator shall offer the abandoned property for sale.
(2) The sale shall be to the highest bidder at public sale in whatever place in the State affords the most favorable market for the property involved.
(3) The Administrator may decline the highest bid and reoffer the property for sale if the price bid is insufficient.
(c)(1) The Administrator need not offer abandoned property for sale if:
(i) The probable cost of sale exceeds the Administrator's estimation of the value of the property; or
(ii) The Administrator determines that the property has no commercial value.
(2) If under paragraph (1) of this subsection abandoned property need not be offered for sale, the Administrator may:
(i) Return the property to the holder;
(ii) Destroy the property; or
(iii) Otherwise dispose of the property.
(d) The Administrator shall give reasonable notice to the public of any sale held under this section.
(e)(1) The purchaser at any sale conducted by the Administrator under this section shall receive title to the property purchased, free from every claim of the owner or prior holder of it and of every person who claims through or under them.
(2) The Administrator shall execute all documents necessary to complete the transfer of title.
(f) No action by any person may be brought or maintained against the State or any officer of the State for or on account of any transaction entered into pursuant to and in accordance with the provisions of this section.
Credits
Added by Acts 1975, c. 49, § 3, eff. July 1, 1975. Amended by Acts 1981, c. 752; Acts 1981, c. 773, § 2; Acts 1981, c. 774, § 2; Acts 2023, c. 19, § 1, eff. Oct. 1, 2023.
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
