Section 34.45.360. Public sale of abandoned property.

   (a) Except as provided in (c) and (d) of this section, the department, within three years after receiving abandoned property, shall sell it to the highest bidder at public sale in the area of the state that the department determines to be the most favorable market for the property involved.  The department may decline the highest bid and reoffer the property for sale if in the judgment of the department the bid is insufficient.  If in the judgment of the department the probable cost of sale exceeds the value of the property, the department need not offer the property for sale.  A sale held under this section must be preceded by a single publication of notice, at least three weeks in advance of sale, in a newspaper of general circulation in the general area in which the property is to be sold.
   (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 department considers advisable.
   (c) Unless the department considers it to be in the best interest of the state to do otherwise, the department shall hold all securities that have been delivered to the department, other than those presumed abandoned under AS 34.45.200, for at least one year before the department may sell the securities.
   (d) Unless the department considers it to be in the best interest of the state to do otherwise, the department shall hold all securities presumed abandoned under AS 34.45.200 and delivered to the department for at least three years before selling the securities.  A person making a claim under AS 34.45.380 is entitled to receive either the securities delivered to the department by the holder, if they still remain in the hands of the department, or the proceeds received from sale, less amounts deducted under AS 34.45.380(c).  A person does not have a claim under this section or AS 34.45.380 against the state, the holder, a transfer agent, a registrar, or other person acting for or on behalf of a holder for appreciation in the value of the property occurring after delivery by the holder to the department.
   (e) The purchaser of property at a sale conducted by the department under this section 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.  The department shall execute all documents necessary to complete the transfer of ownership.

Authorities

34.45.340;34.45.370

Notes

References

AS 34.45.340 Crediting of dividends, interest, or increments to owner's account.
AS 34.45.370 Deposit of money and accounting.

History

(Sec. 11 ch 133 SLA 1986)