[§514B-139]  Upkeep of condominium; disposition of unclaimed
possessions.  (a)  When
personalty in or on the common elements of a project has been abandoned, the
board may sell the personalty in a commercially reasonable manner, store the
personalty at the expense of its owner, donate the personalty to a charitable
organization, or otherwise dispose of the personalty in its sole discretion;
provided that no sale, storage, or donation shall occur until sixty days after
the board complies with the following:



(1)  The board
notifies the owner in writing of:



(A)  The
identity and location of the personalty; and



(B)  The
board's intent to so sell, store, donate, or dispose of the personalty.



Notification
shall be by certified mail, return receipt requested, to the owner's address as
shown by the records of the association or to an address designated by the
owner for the purpose of notification or, if neither of these is available, to
the owner's last known address, if any; or



(2)  If the
identity or address of the owner is unknown, the board shall first advertise
the sale, donation, or disposition at least once in a daily paper of general
circulation within the circuit in which the personalty is located.



(b)  The
proceeds of any sale or disposition of personalty under subsection (a), after
deduction of any accrued costs of mailing, advertising, storage, and sale,
shall be held for the owner for thirty days.  Any proceeds not claimed within
this period shall become the property of the association. [L 2004, c 164, pt of
§2]