1. A. Except as provided in subsections C and D of this section, the State Treasurer, within three (3) years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city in the state affords in the judgment of the State Treasurer the most favorable market for the property involved. The State Treasurer may decline the highest bid and reoffer the property for sale if in the judgment of the State Treasurer the bid is insufficient. If in the judgment of the State Treasurer the probable cost of sale exceeds the value of the property, it need not be offered for sale. Any sale held under this section must be preceded by a single publication of notice, at least three (3) weeks in advance of sale in a legal newspaper of general circulation in the county where the property is to be sold, the county of residence of the holder and the county of the last-known address of the owner.
2. B. Securities listed on an established stock exchange must 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 another method the State Treasurer considers advisable.
3. C. Unless the State Treasurer considers it to be in the best interest of the state to do otherwise, all securities, other than those presumed abandoned under Section 655 of this title, delivered to the State Treasurer must be held for at least one (1) year before the State Treasurer may sell them.
4. D. Unless the State Treasurer considers it to be in the best interest of the state to do otherwise, all securities presumed abandoned under Section 655 of this title and delivered to the State Treasurer must be held for at least one (1) year before the State Treasurer may sell them. If the State Treasurer sells any securities delivered pursuant to Section 655 of this title before the expiration of the one-year period, any person making a claim pursuant to the Uniform Unclaimed Property Act is entitled to either the proceeds of the sale of the securities or other market value of the securities at the time the claim is made, whichever amount is greater, less any deduction for fees pursuant to Section 668 of this title. A person making a claim under the Uniform Unclaimed Property Act after the expiration of this period is entitled to receive either the securities delivered to the State Treasurer by the holder, if they still remain in the hands of the State Treasurer, or the proceeds received from sale, less any amounts deducted pursuant to Section 668 of this title, but no person has any claim under this section 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 State Treasurer.
5. E. The purchaser at any sale conducted by the State Treasurer pursuant to the Uniform Unclaimed Property Act takes the property, free of all claims of the owner or prior holder thereof and of all persons claiming through or under them. The State Treasurer shall execute all documents necessary to complete the transfer of ownership.

Laws 1967, c. 107, § 17, emerg. eff. April 24, 1967; Laws 1991, c. 331, § 26, eff. September 1, 1991; Amended by Laws 1998, c. 385, § 13, eff. June 10, 1998 (superseded document available); Amended by Laws 1999, c. 10, § 13, eff. July 1, 1999 (superseded document available); Amended by Laws 2003, HB 1580, c. 224, § 9, emerg. eff. July 1, 2003 (superseded document available).