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393.120 Sale of property required to be liquidated to pay department.
(1)
(2)
Tangible personal property required by this chapter to be liquidated in order to
permit payment to the department shall be delivered to the master
commissioner of the county in which such property is located. The master
commissioner shall within a reasonable time advertise the property for sale in
accordance with KRS Chapter 424 and shall sell it at public auction to the
highest bidder. The master commissioner shall pay to the department the
proceeds of such sale, less costs incidental to the liquidation or any legal
proceedings, and any liabilities against the property which have been properly
claimed and approved.
For intangible personal property required by this chapter to be liquidated so as
to permit payment to the department, the department shall require the agencies
or holders of abandoned intangible personal property to sell or dispose of the
property on a given date at the quoted market value in the case of property
listed in recognized market exchanges, or, in the case of property not listed in a
recognized market exchange, at a price recommended by the department or at
the highest price offered at a public sale, whichever is greater. In the event that
the intangible property is of a nature such that there is not a readily available
market, the department may offer the property to the highest bidder at public
sale at Frankfort, or in whatever city in the state affords, in its judgment, the
most favorable market for the particular property involved. If a sale is required
to permit payment to the department, the department may decline the highest
bid and reoffer the property for sale if it considers the price offered insufficient.
The sale shall be advertised by publication pursuant to KRS Chapter 424 in the
county where the property was found or abandoned, and in the county where
the sale is to be made. The sale shall be held at the courthouse door.
Effective:March 10, 1994
History: Amended 1994 Ky. Acts ch. 58, sec. 9, effective March 10, 1994. -Amended 1976 Ky. Acts ch. 155, sec. 28, effective June 16, 1976. -- Amended
1966 Ky. Acts ch. 239, sec. 222. -- Recodified 1942 Ky. Acts ch. 208, sec. 1,
effective October 1, 1942, from Ky. Stat. sec. 1612.
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