§2131. Public sale of property
1.
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.
[PL 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
[PL 2019, c. 498, §22 (NEW).]
B.
The nature of the property.
[PL 2019, c. 498, §22 (NEW).]
[PL 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;
[PL 2019, c. 498, §22 (NEW).]
B.
On the Internet; or
[PL 2019, c. 498, §22 (NEW).]
C.
On another forum the administrator determines is likely to yield the highest net proceeds of sale.
[PL 2019, c. 498, §22 (NEW).]
[PL 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.
[PL 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.
[PL 2019, c. 498, §22 (NEW).]
SECTION HISTORY
PL 2019, c. 498, §22 (NEW).