2017 South Dakota Codified Laws
Title 43 - PROPERTY
Chapter 41B - Uniform Unclaimed Property Act
§ 43-41B-23 Public sale of abandoned property.
43-41B-23. Public sale of abandoned property. (a) Except as provided in subsections (b) and (c), the administrator, within three years after the receipt of abandoned property, shall sell the property to the highest bidder at public sale in whatever city in the state affords, in the judgment of the administrator, the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if in the judgment of the administrator the bid is insufficient. If in the judgment of the administrator the probable cost of sale exceeds the value of the property, the property need not be offered for sale. Any sale held under this section shall be preceded by a publication of notice, at least three weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.
(b) 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 administrator considers advisable.
(c) The state treasurer shall sell all stocks, bonds, and other negotiable instruments within ninety days of confirmed receipt of such instruments, unless the property is on an open claim. The state treasurer is not liable for any loss or gain in the value that the instrument would have obtained had the instrument been held instead of being sold.
(d) The purchaser of property at any sale conducted by the administrator pursuant to this chapter takes the property free of all claims of the owner or previous holder of the property and of all persons claiming through or under the owner or previous holder. The administrator shall execute all documents necessary to complete the transfer of ownership.
Source: SL 1992, ch 312, § 22; SL 2017, ch 190, § 1, eff. Mar. 10, 2017.
