§ 55-210.18. Sale of abandoned property by administrator.
Except as provided in subsection (d) of this section:
(a) All abandoned property other than money or other certificate of ownershipdelivered to the administrator under this chapter shall be sold by him to thehighest bidder at public sale (i) in such city or cities, within or outsidethe Commonwealth, as affords in his judgment the most favorable market forthe property involved or (ii) through the use of electronic media in a formatapproved by the administrator. The administrator may decline the highest bidand reoffer the property for sale if he considers the price bid insufficient.He need not offer any property for sale if, in his opinion, the probable costof sale exceeds the value of the property.
(b) Any sale held under this section within the Commonwealth shall bepreceded by a single publication of notice thereof at least three weeks inadvance of sale. Such notice shall be published in an English languagenewspaper of general circulation in the county or city where the property isto be sold. If any sale is to occur outside the Commonwealth, then theadministrator may use such forms of notice or advertising as he deemsnecessary to constitute reasonable notice, including post, print, visual,telecommunications, electronic media or any combination thereof. For thepurposes of this section, any sale through the use of electronic media,including the Internet, shall be deemed to be a sale outside of theCommonwealth.
(c) The purchaser at any sale conducted by the administrator pursuant to thischapter shall receive title to the property purchased, free from all claimsof the owner or prior holder thereof and of all persons claiming through orunder them. The administrator shall execute all documents necessary tocomplete the transfer of title.
(d) Securities listed on an established stock exchange shall be sold atprices prevailing at the time of sale on the exchange. Other securities maybe sold over the counter at prices prevailing at the time of sale or by anyother method the administrator deems advisable.
(d1) Unless the administrator deems it to be in the best interest of theCommonwealth to do otherwise, all securities delivered to the administratorshall be held for at least one year before the securities may be sold. If theadministrator sells any securities before the expiration of the one-yearperiod, any person making a claim pursuant to this chapter before the end ofthe one-year period is entitled to either the proceeds of the sale of thesecurities or the market value of the securities at the time the claim ismade, whichever amount is greater. Any person making a claim pursuant to thischapter after the expiration of the one-year period is entitled to receiveeither the securities delivered to the administrator by the holder, if theystill remain in the hands of the administrator, or the proceeds received fromsale, but no person has any claim under this chapter against theCommonwealth, the holder, any transfer agent, registrar, or other personacting for or on behalf of a holder for any appreciation in the value of theproperty occurring after delivery by the holder to the Commonwealth.
(d2) The purchaser of property at any sale conducted by the administratorpursuant to this chapter is entitled to ownership of the property purchasedfree from all claims of the owner or previous holder thereof and of allpersons claiming through or under them. The administrator shall execute alldocuments necessary to complete the transfer of ownership.
(e) If the administrator determines after investigation that any propertydelivered to him pursuant to this chapter has insubstantial commercial value,he may destroy or otherwise dispose of the property at any time. No action orproceeding may be maintained against the Commonwealth or any officer oragainst the holder for or on account of any action taken by the administratorwith respect to the property pursuant to this paragraph.
(1960, c. 330; 1981, c. 47; 1982, c. 331; 1984, c. 121; 1985, c. 294; 1994,c. 83; 2004, c. 535.)
§ 55-210.18. Sale of abandoned property by administrator.
Except as provided in subsection (d) of this section:
(a) All abandoned property other than money or other certificate of ownershipdelivered to the administrator under this chapter shall be sold by him to thehighest bidder at public sale (i) in such city or cities, within or outsidethe Commonwealth, as affords in his judgment the most favorable market forthe property involved or (ii) through the use of electronic media in a formatapproved by the administrator. The administrator may decline the highest bidand reoffer the property for sale if he considers the price bid insufficient.He need not offer any property for sale if, in his opinion, the probable costof sale exceeds the value of the property.
(b) Any sale held under this section within the Commonwealth shall bepreceded by a single publication of notice thereof at least three weeks inadvance of sale. Such notice shall be published in an English languagenewspaper of general circulation in the county or city where the property isto be sold. If any sale is to occur outside the Commonwealth, then theadministrator may use such forms of notice or advertising as he deemsnecessary to constitute reasonable notice, including post, print, visual,telecommunications, electronic media or any combination thereof. For thepurposes of this section, any sale through the use of electronic media,including the Internet, shall be deemed to be a sale outside of theCommonwealth.
(c) The purchaser at any sale conducted by the administrator pursuant to thischapter shall receive title to the property purchased, free from all claimsof the owner or prior holder thereof and of all persons claiming through orunder them. The administrator shall execute all documents necessary tocomplete the transfer of title.
(d) Securities listed on an established stock exchange shall be sold atprices prevailing at the time of sale on the exchange. Other securities maybe sold over the counter at prices prevailing at the time of sale or by anyother method the administrator deems advisable.
(d1) Unless the administrator deems it to be in the best interest of theCommonwealth to do otherwise, all securities delivered to the administratorshall be held for at least one year before the securities may be sold. If theadministrator sells any securities before the expiration of the one-yearperiod, any person making a claim pursuant to this chapter before the end ofthe one-year period is entitled to either the proceeds of the sale of thesecurities or the market value of the securities at the time the claim ismade, whichever amount is greater. Any person making a claim pursuant to thischapter after the expiration of the one-year period is entitled to receiveeither the securities delivered to the administrator by the holder, if theystill remain in the hands of the administrator, or the proceeds received fromsale, but no person has any claim under this chapter against theCommonwealth, the holder, any transfer agent, registrar, or other personacting for or on behalf of a holder for any appreciation in the value of theproperty occurring after delivery by the holder to the Commonwealth.
(d2) The purchaser of property at any sale conducted by the administratorpursuant to this chapter is entitled to ownership of the property purchasedfree from all claims of the owner or previous holder thereof and of allpersons claiming through or under them. The administrator shall execute alldocuments necessary to complete the transfer of ownership.
(e) If the administrator determines after investigation that any propertydelivered to him pursuant to this chapter has insubstantial commercial value,he may destroy or otherwise dispose of the property at any time. No action orproceeding may be maintained against the Commonwealth or any officer oragainst the holder for or on account of any action taken by the administratorwith respect to the property pursuant to this paragraph.
(1960, c. 330; 1981, c. 47; 1982, c. 331; 1984, c. 121; 1985, c. 294; 1994,c. 83; 2004, c. 535.)
§ 55-210.18. Sale of abandoned property by administrator.
Except as provided in subsection (d) of this section:
(a) All abandoned property other than money or other certificate of ownershipdelivered to the administrator under this chapter shall be sold by him to thehighest bidder at public sale (i) in such city or cities, within or outsidethe Commonwealth, as affords in his judgment the most favorable market forthe property involved or (ii) through the use of electronic media in a formatapproved by the administrator. The administrator may decline the highest bidand reoffer the property for sale if he considers the price bid insufficient.He need not offer any property for sale if, in his opinion, the probable costof sale exceeds the value of the property.
(b) Any sale held under this section within the Commonwealth shall bepreceded by a single publication of notice thereof at least three weeks inadvance of sale. Such notice shall be published in an English languagenewspaper of general circulation in the county or city where the property isto be sold. If any sale is to occur outside the Commonwealth, then theadministrator may use such forms of notice or advertising as he deemsnecessary to constitute reasonable notice, including post, print, visual,telecommunications, electronic media or any combination thereof. For thepurposes of this section, any sale through the use of electronic media,including the Internet, shall be deemed to be a sale outside of theCommonwealth.
(c) The purchaser at any sale conducted by the administrator pursuant to thischapter shall receive title to the property purchased, free from all claimsof the owner or prior holder thereof and of all persons claiming through orunder them. The administrator shall execute all documents necessary tocomplete the transfer of title.
(d) Securities listed on an established stock exchange shall be sold atprices prevailing at the time of sale on the exchange. Other securities maybe sold over the counter at prices prevailing at the time of sale or by anyother method the administrator deems advisable.
(d1) Unless the administrator deems it to be in the best interest of theCommonwealth to do otherwise, all securities delivered to the administratorshall be held for at least one year before the securities may be sold. If theadministrator sells any securities before the expiration of the one-yearperiod, any person making a claim pursuant to this chapter before the end ofthe one-year period is entitled to either the proceeds of the sale of thesecurities or the market value of the securities at the time the claim ismade, whichever amount is greater. Any person making a claim pursuant to thischapter after the expiration of the one-year period is entitled to receiveeither the securities delivered to the administrator by the holder, if theystill remain in the hands of the administrator, or the proceeds received fromsale, but no person has any claim under this chapter against theCommonwealth, the holder, any transfer agent, registrar, or other personacting for or on behalf of a holder for any appreciation in the value of theproperty occurring after delivery by the holder to the Commonwealth.
(d2) The purchaser of property at any sale conducted by the administratorpursuant to this chapter is entitled to ownership of the property purchasedfree from all claims of the owner or previous holder thereof and of allpersons claiming through or under them. The administrator shall execute alldocuments necessary to complete the transfer of ownership.
(e) If the administrator determines after investigation that any propertydelivered to him pursuant to this chapter has insubstantial commercial value,he may destroy or otherwise dispose of the property at any time. No action orproceeding may be maintained against the Commonwealth or any officer oragainst the holder for or on account of any action taken by the administratorwith respect to the property pursuant to this paragraph.
(1960, c. 330; 1981, c. 47; 1982, c. 331; 1984, c. 121; 1985, c. 294; 1994,c. 83; 2004, c. 535.)
