Section 35-12-38

Sale of abandoned property or securities; presentation of matured bonds for payment; publication of notice.

(a) Except as provided in subsections (b) and (c), all abandoned property other than money delivered to the Treasurer under this article shall, within one year after notice published pursuant to Section 35-12-32, be sold by the Treasurer to the highest bidder at public sale in whatever city in the state affords in his or her judgment the most favorable market for the property involved.

The Treasurer may decline the highest bid and reoffer the property for sale if the Treasurer considers the price bid insufficient. The Treasurer need not offer any property for sale if, in the Treasurer's opinion, the probable cost of sale exceeds the value of the property. The Treasurer is not required to obtain an appraisal to determine value under this section.

(b) Securities listed on an established stock exchange may be sold through that exchange at the prevailing prices on such exchange. Other securities may be sold over the counter at prevailing prices.

(c) Bonds issued by the United States, or any state, or any county, municipality, or other political subdivision of any state, or any other governmental body or agency of any governmental body, foreign or domestic, or any corporation, which have reached maturity may be presented to the issuer for payment.

(d) Any sale held under this section shall be preceded by a single publication of notice thereof, at least three weeks in advance of sale in an English language newspaper of general circulation in the county where the property is to be sold.

(e) The purchaser at any sale conducted by the Treasurer pursuant to this article 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 Treasurer shall execute all documents necessary to complete the transfer of title.

(Acts 1971, No. 63, p. 101, §17; Acts 1988, 1st Ex. Sess., No. 88-724, p. 120; Acts 1996, No. 96-724, p. 1197, §1.)