33 §2131. Public sale of property

1. Sale after one year. Subject to section 2132 , not earlier than one year after receipt of property presumed abandoned, the administrator may sell the property. [PL 2019, c. 498, §22 (NEW).] 2. Notice of sale. Before selling property under subsection 1 , the administrator shall give notice to the public of: A. The date of the sale; and [PL 2019, c. 498, §22 (NEW).] B. The nature of the property. [PL 2019, c. 498, §22 (NEW).] [PL 2019, c. 498, §22 (NEW).] 3. Sale to highest bidder. A sale under subsection 1 must be to the highest bidder: A. At public sale at a location in this State that the administrator determines to be the most favorable market for the property; [PL 2019, c. 498, §22 (NEW).] B. On the Internet; or [PL 2019, c. 498, §22 (NEW).] C. On another forum the administrator determines is likely to yield the highest net proceeds of sale. [PL 2019, c. 498, §22 (NEW).] [PL 2019, c. 498, §22 (NEW).] 4. Highest bid insufficient. The administrator may decline the highest bid at a sale under this section and reoffer the property for sale if the administrator determines the highest bid is insufficient. [PL 2019, c. 498, §22 (NEW).] 5. Publication of notice. If a sale held under this section is to be conducted other than on the Internet, the administrator may publish at least one notice of the sale, at least 2 weeks but not more than 10 weeks before the sale. [PL 2019, c. 498, §22 (NEW).]