Section 2131 - Public sale of property1.Sale after one year. Subject to section 2132, not earlier than one year after receipt of property presumed abandoned, the administrator may sell the property. [2019, c. 498, §22(NEW).]
2.Notice of sale. Before selling property under subsection 1, the administrator shall give notice to the public of:A. The date of the sale; and [2019, c. 498, §22(NEW).]B. The nature of the property. [2019, c. 498, §22(NEW).] [2019, c. 498, §22(NEW).]
3.Sale to highest bidder. A sale under subsection 1 must be to the highest bidder: A. At public sale at a location in this State that the administrator determines to be the most favorable market for the property; [2019, c. 498, §22(NEW).]B. On the Internet; or [2019, c. 498, §22(NEW).]C. On another forum the administrator determines is likely to yield the highest net proceeds of sale. [2019, c. 498, §22(NEW).] [2019, c. 498, §22(NEW).]
4.Highest bid insufficient. The administrator may decline the highest bid at a sale under this section and reoffer the property for sale if the administrator determines the highest bid is insufficient. [2019, c. 498, §22(NEW).]
5.Publication of notice. If a sale held under this section is to be conducted other than on the Internet, the administrator may publish at least one notice of the sale, at least 2 weeks but not more than 10 weeks before the sale. [2019, c. 498, §22(NEW).]
Added by 2019, c. 498,§ 22, eff. 9/19/2019.