1. 1. Sale after one year Subject to section 2132, not earlier than one year after receipt of property presumed abandoned, the administrator may sell the property.

   [PL 2019, c. 498, §22 (NEW).]

2. 2. Notice of sale Before selling property under subsection 1, the administrator shall give notice to the public of:

   1. A. The date of the sale; and

      [PL 2019, c. 498, §22 (NEW).]

   2. B. The nature of the property.

      [PL 2019, c. 498, §22 (NEW).]

   [PL 2019, c. 498, §22 (NEW).]

3. 3. Sale to highest bidder A sale under subsection 1 must be to the highest bidder:

   1. A. At public sale at a location in this State that the administrator determines to be the most favorable market for the property;

      [PL 2019, c. 498, §22 (NEW).]

   2. B. On the Internet; or

      [PL 2019, c. 498, §22 (NEW).]

   3. C. On another forum the administrator determines is likely to yield the highest net proceeds of sale.

      [PL 2019, c. 498, §22 (NEW).]

   [PL 2019, c. 498, §22 (NEW).]

4. 4. Highest bid insufficient The administrator may decline the highest bid at a sale under this section and reoffer the property for sale if the administrator determines the highest bid is insufficient.

   [PL 2019, c. 498, §22 (NEW).]

5. 5. Publication of notice If a sale held under this section is to be conducted other than on the Internet, the administrator may publish at least one notice of the sale, at least 2 weeks but not more than 10 weeks before the sale.

   [PL 2019, c. 498, §22 (NEW).]

PL 2019, c. 498, §22 (NEW).