72-14-207. Unsold tangible personal property -- how disposed of -- auction sale. (1) If the tangible personal property in an escheated estate was not sold by the personal representative at the final settlement of the estate, the personal representative shall deliver the property to the county treasurer. The county treasurer shall, within 1 year of the receipt of the property, sell it to the highest bidder at a public auction sale at the county seat of the county of administration of the estate.
(2) The county treasurer shall give notice of the sale by publication once a week for 2 successive weeks in a newspaper published in the county of administration. The last publication must be at least 20 days prior to the date of the sale. The notice must give the time and place of the sale and must contain a description of the property to be sold.
(3) All expenses of the sale must be deducted from the proceeds of the sale by the county treasurer, and the balance of the proceeds must be delivered by the county treasurer to the department of revenue for deposit in the private purpose trust fund.
History: En. Sec. 7, Ch. 184, L. 1943; amd. Sec. 114, Ch. 147, L. 1963; amd. Sec. 5, Ch. 156, L. 1971; amd. Sec. 71, Ch. 391, L. 1973; R.C.M. 1947, 91-507; amd. Sec. 5, Ch. 628, L. 1979; amd. Sec. 7, Ch. 5, L. 1995; amd. Sec. 25, Ch. 34, L. 2001.