[§523A-13]  Public sale of abandoned
property.  (a)  Except as otherwise provided in this section, the
administrator, within three 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.  A sale held under this section shall be preceded by a single
publication of notice, at least three weeks before sale, in a newspaper of
general circulation in the county in which the property is to be sold.



(b)  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 administrator.  If
securities are sold by the administrator before the expiration of three years
after their delivery to the administrator, a person making a valid claim under
this part before the end of the three-year period shall be entitled to the
proceeds of the sale of the securities or the market value of the securities at
the time the valid claim is made, whichever is greater, plus dividends,
interest, and other increments thereon up to the time the valid claim is made,
less any deduction for expenses of sale.  A person making a valid claim under
this part after the expiration of the three-year period shall be entitled to
receive the securities delivered to the administrator by the holder, if they
still remain in the custody of the administrator, or the net proceeds received
from sale, and shall not be entitled to receive any appreciation in the value
of the property occurring after delivery to the administrator, except in a case
of intentional misconduct or malfeasance by the administrator.



(c)  A purchaser of property at a sale
conducted by the administrator pursuant to this part shall take 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. [L 2008, c 55, pt of §1]