Chapter 41: UNIFORM UNCLAIMED PROPERTY ACT HEADING: PL 1997, C. 508, PT. A, §2 (NEW); §3 (AFF) (EFF. 7/1/98
§1963. Public sale of unclaimed property
Except as otherwise provided in this section, the administrator may sell unclaimed property anytime 90 days or more after
it has been advertised pursuant to section 1960. The sale must be to the highest bidder at public sale at a location in the
State or via electronic medium available to citizens of the State that, 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 must be preceded
by a single publication of notice, at least 3 weeks before sale, in a newspaper of general circulation in the State.
2001, c. 714, Pt. X, §1 (AMD)
Securities listed on an established stock exchange must 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 one year after their delivery
to the administrator, a person making a claim under this Act before the end of the one-year period is entitled to the proceeds
of the sale of the securities or the market value of the securities at the time the claim is made, whichever is greater, plus
dividends, interest and other increments thereon up to the time the claim is made, less any deduction for expenses of sale.
A person making a claim under this Act after the expiration of the one-year period is 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 is not 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.
Notwithstanding this subsection, the administrator may sell the securities of any single issue whose custodial costs are likely
to exceed its value anytime 90 days or more after they have been advertised pursuant to section 1960. A person making a claim
under this Act after these securities have been sold is only entitled to the net proceeds received from the sale.
2001, c. 714, Pt. X, §1 (AMD)
3.Property free of claims.
A purchaser of property at a sale conducted by the administrator pursuant to this Act takes 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.
1997, c. 508, Pt. A, §2 (NEW);
1997, c. 508, Pt. A, §3 (AFF)
1997, c. 508, §A2 (NEW).
1997, c. 508, §A3 (AFF).
2001, c. 714, §X1 (AMD).
2003, c. 20, §T27 (AMD).
Data for this page extracted on 10/16/2012 08:28:20.
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