Section 18-28-212 - Public sale of abandoned property(a)(1) Except as otherwise provided in this section, the administrator, within three (3) years after the receipt of abandoned property, shall sell it to the highest bidder at public sale at a location in the state which in the judgment of the administrator affords the most favorable market for the property. The administrator may decline the highest bid and reoffer the property for sale if the administrator considers the bid to be insufficient. The administrator need not offer the property for sale if the administrator considers that the probable cost of sale will exceed the proceeds of the sale.(2) A sale held under this section must be preceded by a single publication of notice, at least three (3) weeks before sale, in a newspaper of general circulation in the county in which the property is to be sold. However, the administrator is not required to publish notice under this section if the abandoned property will be sold through an Internet auction.(b)(1)(A) Securities listed on an established stock exchange shall be sold at prices prevailing on the exchange at the time of sale.(B) Other securities may be sold over the counter at prices prevailing at the time of sale or by a reasonable method selected by the administrator.(2) The administrator may sell securities upon receipt of the securities from the holder.(3)(A) A person making a claim under this subchapter is entitled to receive the: (i) Securities delivered by the holder to the administrator if the securities still remain in the custody of the administrator; or(ii) Proceeds received from the sale of the securities, less any fees and expenses incurred from the sale.(B) A person may not maintain an action or bring a proceeding for any appreciation or depreciation in the value of the securities that may occur after delivery by the holder to the administrator against: (iv) A securities transfer agent;(vi) An agent acting for or on behalf of the holder or administrator.(c) A purchaser of property at a sale conducted by the administrator pursuant to this subchapter takes the property free of all claims of the owner or previous holder and of all persons claiming through or under them. The administrator shall execute all documents necessary to complete the transfer of ownership.Amended by Act 2019, No. 492,§ 1, eff. 3/15/2019.Acts 1999, No. 850, § 12; 2005, No. 175, § 2.