2018 Tennessee Code
Title 66 - Property
Chapter 29 - Abandoned or Unclaimed Property
Part 1 - Uniform Unclaimed Property Act
§ 66-29-141. Public sale of property.
(a) Except as otherwise provided in § 66-29-154, not earlier than three (3) years after receipt of property that has been presumed abandoned, the treasurer may sell the property.
(b) A sale under subsection (a) must be preceded by notice to the public of:
(1) The date of the sale; and
(2) A reasonable description of the property.
(c) A sale under subsection (a) must be to the highest bidder:
(1) At a public sale at a location in this state which the treasurer determines to be the most favorable market for the property; or
(2) On the internet or another forum the treasurer determines is likely to yield the highest net proceeds of sale.
(d) The treasurer may decline the highest bid at a sale under subsection (a) and reoffer the property for sale if the treasurer determines the highest bid is insufficient.
(e) If a sale held under this section is to be conducted other than by electronic means, the treasurer must publish not less than one (1) notice of the sale at least three (3) weeks, but not more than five (5) weeks, before the sale, in a newspaper of general circulation in the county in which the property is to be sold.
