(1) Subject to section 38-13-702, not earlier than three years after receipt of property that is presumed abandoned, the administrator may sell the property.
(2) Before selling property under subsection (1) of this section, the administrator shall give notice to the public of:
The date of sale; and
A reasonable description of the property.
(3) A sale under subsection (1) of this section must be to the highest bidder:
At public sale at a location in this state that the administrator determines to be themost favorable market for the property; or
On the internet; or
On another forum the administrator determines is likely to yield the highest net proceeds of sale.
The administrator may decline the highest bid at a sale under subsection (1) of thissection and reoffer the property for sale if the administrator determines the highest bid is insufficient.
If a sale held under this section is to be conducted other than on the internet, theadministrator must publish at least one notice of the sale at least three weeks but not more than five weeks before the sale in a newspaper of general circulation in the county in which the property is sold.
Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 435, § 1, effective July 1, 2020.