Sale or Destruction of Property

  1. Law
  2. Georgia Code
  3. Property
  4. Rights in Personalty
  5. Disposition of Unclaimed Property
  6. Sale or Destruction of Property

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  1. All abandoned property, other than money delivered to the commissioner under this article, shall, within three years after the delivery, be sold by him to the highest bidder at public sale in whatever city in the state affords, in his judgment, the most favorable market for the property involved.The commissioner may decline the highest bid and 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 cost of the sale exceeds the value of the property.
  2. Any sale held under this Code section shall be preceded by a single publication of notice thereof at least three weeks in advance of the sale in a newspaper of general circulation in the county where the property is to be sold.
  3. At any sale conducted by the commissioner pursuant to this article, the purchaser shall receive title to the property purchased free from all claims of the owner or prior holder thereof and of all persons claiming through or under them. The commissioner shall execute all documents necessary to complete the transfer of title.
  4. If the commissioner determines after investigation that any property delivered under this article has insubstantial commercial value of less than $100.00, he may destroy or otherwise dispose of the property at any time.No action or proceeding may be maintained against the state or any officer or against any holder for or on account of any action taken by the commissioner pursuant to this subsection.

(Code 1981, §44-12-217, enacted by Ga. L. 1990, p. 1506, § 1.)

OPINIONS OF THE ATTORNEY GENERAL

Transfer of abandoned stock certificates.

- Under the Disposition of Unclaimed Property Act, O.C.G.A. § 44-12-190 et seq., stock certificates deemed abandoned should be tendered to the Department of Revenue, registered in the name of the state revenue commissioner. 1983 Op. Att'y Gen. No. 83-77.


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