2006 Utah Code - 67-4a-403 — Disposition of abandoned property -- Sale.

     67-4a-403.   Disposition of abandoned property -- Sale.
     (1) (a) Except as provided in Subsections (2), (3), and (4), the administrator shall:
     (i) within three years after the receipt of abandoned property, sell the property to the highest bidder at a public sale; and
     (ii) publish notice of the sale in a newspaper of general circulation in this state at least three weeks before the sale.
     (b) The administrator may hold the sale in whatever city in Utah he believes will provide the most favorable market for the property.
     (c) The administrator may decline the highest bid and reoffer the property for sale if the bid is insufficient.
     (d) If the administrator determines that the probable cost of sale exceeds the value of the property, the administrator need not offer the property for sale.
     (2) The administrator shall sell:
     (a) securities listed on an established stock exchange at prices prevailing at the time of sale on the exchange; and
     (b) securities not listed on an established stock exchange:
     (i) over-the-counter at prices prevailing at the time of sale; or
     (ii) by any other method the administrator considers to be in the best interest of the state.
     (3) Unless the administrator considers it to be in the best interest of the state to do otherwise, all securities received by the administrator, other than those considered abandoned under Section 67-4a-208, shall be held for at least one year before they may be sold.
     (4) (a) Unless the administrator considers it to be in the best interest of the state to do otherwise, all securities considered abandoned under Section 67-4a-208 and delivered to the administrator shall be held for at least three years before the administrator may sell them.
     (b) (i) If the administrator sells any of those securities before the expiration of the three years, the administrator shall pay any person claiming the securities before the end of the three years either the proceeds of the sale of the securities or the market value of the securities at the time the claim is made, whichever is greater.
     (ii) When any person makes a claim after three years, the administrator shall provide the person with:
     (A) the securities delivered to the administrator by the holder, if they still remain in the hands of the administrator; or
     (B) the proceeds received from sale.
     (c) A person making a claim under this subsection may not make any claim against the state, the holder, any transfer agent, registrar or 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 administrator.
     (5) (a) The purchaser of any property at any sale conducted by the administrator under the authority of 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 them.
     (b) The administrator shall execute all documents necessary to complete the transfer of ownership.

Enacted by Chapter 198, 1995 General Session