§ 33-21.1-22 Public sale of abandonedproperty. – (a) The administrator shall sell abandoned property to the highest bidder atpublic sale in whatever city in the state affords in the judgment of theadministrator the most favorable market for the property involved. Theadministrator may decline the highest bid and reoffer the property for sale ifin the judgment of the administrator the bid is insufficient. If in thejudgment of the administrator the probable cost of sale exceeds the value ofthe property, it need not be offered for sale. Any sale held under this sectionmust be preceded by a single publication of notice, at least three (3) weeks inadvance of sale, in a newspaper of general circulation in the county in whichthe property is to be sold.
(1) [As amended by P.L. 2009, ch. 232, § 1].If medals awarded to United States military personnel are delivered to thegeneral treasurer under this chapter, the general treasurer shall not offerthose medals for public sale or at public auction. Medals shall only bereturned to the owner of the safe deposit box containing the medals, or theheirs of that owner.
(1) [As amended by P.L. 2009, ch. 305 , § 1].If medals awarded to United States military personnel are delivered to thegeneral treasurer pursuant to this section, the general treasurer shall notoffer those medals for public sale or at public auction. Medals shall bereturned only to the owner of the safe deposit box containing the medals, orthe heirs of the recipient of the medal.
(b) Securities listed on an established stock exchange mustbe sold at prices prevailing at the time of sale on the exchange. Othersecurities may be sold over the counter at prices prevailing at the time ofsale or by any other method the administrator considers advisable.
(c) Unless the administrator considers it to be in the bestinterest of the state to do otherwise, all securities, other than thosepresumed abandoned under § 33-21.1-10, delivered to the administrator mustbe held for at least one year before he or she may sell them.
(d) Unless the administrator considers it to be in the bestinterest of the state to do otherwise, all securities presumed abandoned under§ 33-21.1-10, and delivered to the administrator must be held for at leastone year before he or she may sell them. If the administrator sells anysecurities delivered pursuant to § 33-21.1-10 before the expiration of theone year period, any person making a claim pursuant to this chapter before theend of the one year period is entitled to either the proceeds of the sale ofthe securities or the market value of the securities at the time the claim ismade, whichever amount is greater, less any deduction for fees pursuant to§ 33-21.1-23(b). A person making a claim under this chapter after theexpiration of this period is entitled to receive either the securitiesdelivered to the administrator by the holder, if they still remain in the handsof the administrator, or the proceeds received from sale, less any amountsdeducted pursuant to § 33-21.1-23(b), but no person has any claim underthis chapter against the state, the holder, any transfer agent, registrar, orother person acting for or on behalf of a holder for any appreciation in thevalue of the property occurring after delivery by the holder to theadministrator.
(e) The purchaser of property at any sale conducted by theadministrator pursuant to this chapter takes the property free of all claims ofthe owner or previous holder of the property and of all persons claimingthrough or under them. The administrator shall execute all documents necessaryto complete the transfer of ownership.
§ 33-21.1-22 Public sale of abandonedproperty. – (a) The administrator shall sell abandoned property to the highest bidder atpublic sale in whatever city in the state affords in the judgment of theadministrator the most favorable market for the property involved. Theadministrator may decline the highest bid and reoffer the property for sale ifin the judgment of the administrator the bid is insufficient. If in thejudgment of the administrator the probable cost of sale exceeds the value ofthe property, it need not be offered for sale. Any sale held under this sectionmust be preceded by a single publication of notice, at least three (3) weeks inadvance of sale, in a newspaper of general circulation in the county in whichthe property is to be sold.
(1) [As amended by P.L. 2009, ch. 232, § 1].If medals awarded to United States military personnel are delivered to thegeneral treasurer under this chapter, the general treasurer shall not offerthose medals for public sale or at public auction. Medals shall only bereturned to the owner of the safe deposit box containing the medals, or theheirs of that owner.
(1) [As amended by P.L. 2009, ch. 305 , § 1].If medals awarded to United States military personnel are delivered to thegeneral treasurer pursuant to this section, the general treasurer shall notoffer those medals for public sale or at public auction. Medals shall bereturned only to the owner of the safe deposit box containing the medals, orthe heirs of the recipient of the medal.
(b) Securities listed on an established stock exchange mustbe sold at prices prevailing at the time of sale on the exchange. Othersecurities may be sold over the counter at prices prevailing at the time ofsale or by any other method the administrator considers advisable.
(c) Unless the administrator considers it to be in the bestinterest of the state to do otherwise, all securities, other than thosepresumed abandoned under § 33-21.1-10, delivered to the administrator mustbe held for at least one year before he or she may sell them.
(d) Unless the administrator considers it to be in the bestinterest of the state to do otherwise, all securities presumed abandoned under§ 33-21.1-10, and delivered to the administrator must be held for at leastone year before he or she may sell them. If the administrator sells anysecurities delivered pursuant to § 33-21.1-10 before the expiration of theone year period, any person making a claim pursuant to this chapter before theend of the one year period is entitled to either the proceeds of the sale ofthe securities or the market value of the securities at the time the claim ismade, whichever amount is greater, less any deduction for fees pursuant to§ 33-21.1-23(b). A person making a claim under this chapter after theexpiration of this period is entitled to receive either the securitiesdelivered to the administrator by the holder, if they still remain in the handsof the administrator, or the proceeds received from sale, less any amountsdeducted pursuant to § 33-21.1-23(b), but no person has any claim underthis chapter against the state, the holder, any transfer agent, registrar, orother person acting for or on behalf of a holder for any appreciation in thevalue of the property occurring after delivery by the holder to theadministrator.
(e) The purchaser of property at any sale conducted by theadministrator pursuant to this chapter takes the property free of all claims ofthe owner or previous holder of the property and of all persons claimingthrough or under them. The administrator shall execute all documents necessaryto complete the transfer of ownership.
§ 33-21.1-22 Public sale of abandonedproperty. – (a) The administrator shall sell abandoned property to the highest bidder atpublic sale in whatever city in the state affords in the judgment of theadministrator the most favorable market for the property involved. Theadministrator may decline the highest bid and reoffer the property for sale ifin the judgment of the administrator the bid is insufficient. If in thejudgment of the administrator the probable cost of sale exceeds the value ofthe property, it need not be offered for sale. Any sale held under this sectionmust be preceded by a single publication of notice, at least three (3) weeks inadvance of sale, in a newspaper of general circulation in the county in whichthe property is to be sold.
(1) [As amended by P.L. 2009, ch. 232, § 1].If medals awarded to United States military personnel are delivered to thegeneral treasurer under this chapter, the general treasurer shall not offerthose medals for public sale or at public auction. Medals shall only bereturned to the owner of the safe deposit box containing the medals, or theheirs of that owner.
(1) [As amended by P.L. 2009, ch. 305 , § 1].If medals awarded to United States military personnel are delivered to thegeneral treasurer pursuant to this section, the general treasurer shall notoffer those medals for public sale or at public auction. Medals shall bereturned only to the owner of the safe deposit box containing the medals, orthe heirs of the recipient of the medal.
(b) Securities listed on an established stock exchange mustbe sold at prices prevailing at the time of sale on the exchange. Othersecurities may be sold over the counter at prices prevailing at the time ofsale or by any other method the administrator considers advisable.
(c) Unless the administrator considers it to be in the bestinterest of the state to do otherwise, all securities, other than thosepresumed abandoned under § 33-21.1-10, delivered to the administrator mustbe held for at least one year before he or she may sell them.
(d) Unless the administrator considers it to be in the bestinterest of the state to do otherwise, all securities presumed abandoned under§ 33-21.1-10, and delivered to the administrator must be held for at leastone year before he or she may sell them. If the administrator sells anysecurities delivered pursuant to § 33-21.1-10 before the expiration of theone year period, any person making a claim pursuant to this chapter before theend of the one year period is entitled to either the proceeds of the sale ofthe securities or the market value of the securities at the time the claim ismade, whichever amount is greater, less any deduction for fees pursuant to§ 33-21.1-23(b). A person making a claim under this chapter after theexpiration of this period is entitled to receive either the securitiesdelivered to the administrator by the holder, if they still remain in the handsof the administrator, or the proceeds received from sale, less any amountsdeducted pursuant to § 33-21.1-23(b), but no person has any claim underthis chapter against the state, the holder, any transfer agent, registrar, orother person acting for or on behalf of a holder for any appreciation in thevalue of the property occurring after delivery by the holder to theadministrator.
(e) The purchaser of property at any sale conducted by theadministrator pursuant to this chapter takes the property free of all claims ofthe owner or previous holder of the property and of all persons claimingthrough or under them. The administrator shall execute all documents necessaryto complete the transfer of ownership.
