44-12-217. Sale or destruction of property.

Except as otherwise provided in subsection (b) of this Code section, all abandoned property, other than money delivered to the commissioner under this article, shall, within three years after the delivery, be sold by the commissioner 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 commissioner may decline the highest bid and reoffer the property for sale if, in the commissioner’s sole judgment, the commissioner considers the price bid insufficient. The commissioner need not offer any property for sale if, in his or her opinion, the probable cost of the sale exceeds the value of the property.#

Any tangible personal property sold pursuant to this article at a sale conducted at a specific, physical location 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. Where such tangible personal property is sold online or through any other means not associated with a specific, physical location, such sale shall be preceded by notice published on the department’s website.#

1. (1)

   Securities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the commissioner deems advisable. The commissioner may authorize the agent or broker acting on behalf of the commissioner to deduct fees from the proceeds of such sales at a rate agreed upon in advance by the agent or broker and the commissioner.#

2. (2)

   After July 1, 2024, and unless the commissioner deems it to be in the public interest to do otherwise, all securities presumed unclaimed and delivered to the department may be sold upon receipt without further notification obligations. Any person making a claim pursuant to this article shall be entitled to receive either the securities delivered to the department by the holder, if they still remain in the hands of the department, or the proceeds received from sale, but no person shall have any claim under this article against the state, the holder, any transfer agent, any registrar, or any other person acting for or on behalf of a holder for any appreciation in the value of the property occurring after delivery by the holder to the department.#

3. (3)

   Certificates for unclaimed stock or other equity interest of business associations that cannot be canceled and are registered in the department’s name or that cannot be readily liquidated and converted into the currency of the United States may be sold for the value of the certificate, if any, in accordance with paragraph (1) of this subsection or may be destroyed in accordance with subsection (d) of this Code section.#

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.#

If the commissioner determines after investigation that any property delivered under this article has insubstantial commercial value of less than $100.00, he or she 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.#