Chapter 232
2009 -- S 0681
Enacted 11/09/09
A N A C T
RELATING TO
PROBATE PRACTICE AND PROCEDURE - PRACTICE IN PROBATE COURTS
Introduced By: Senators Felag, Bates, Walaska, Raptakis, and Lynch
Date Introduced: February 26, 2009
It is enacted by the
General Assembly as follows:
SECTION 1. Section 33-21.1-22 of the General Laws in Chapter
33-21.1 entitled
"Unclaimed Intangible
and Tangible Property" is hereby amended to read as follows:
33-21.1-22.
Public sale of abandoned property. -- (a) The administrator shall sell
abandoned property to the highest bidder at public sale in
whatever city in the state affords in the
judgment of the administrator the most favorable market for
the property involved. The
administrator may decline the highest bid and reoffer the property
for sale if in the judgment of
the administrator the bid is insufficient. If in the
judgment of the administrator 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 newspaper of general circulation in the county
in which the property is to be sold.
(1) If medals awarded
to
treasurer under this chapter, the general treasurer shall not
offer those medals for public sale or at
public auction. Medals shall only be returned to the owner of
the safe deposit box containing the
medals, or the heirs of that owner.
(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 any other method the
administrator considers advisable.
(c) Unless the
administrator considers it to be in the best interest of the state to do
otherwise, all securities, other than those presumed abandoned
under section 33-21.1-10,
delivered to the administrator must be held for at least one
year before he or she may sell them.
(d) Unless the
administrator considers it to be in the best interest of the state to do
otherwise, all securities presumed abandoned under section
33-21.1-10, and delivered to the
administrator must be held for at least one year before he or she
may sell them. If the
administrator sells any securities delivered pursuant to section
33-21.1-10 before the expiration of
the one year period, any person making a claim pursuant
to this chapter before the end of the one
year period is entitled to either the proceeds of the sale
of the securities or the market value of the
securities at the time the claim is made, whichever amount is
greater, less any deduction for fees
pursuant to section 33-21.1-23(b). A person making a claim
under this chapter after the expiration
of this period is entitled to receive either the
securities delivered to the administrator by the
holder, if they still remain in the hands of the
administrator, or the proceeds received from sale,
less any amounts deducted pursuant to section
33-21.1-23(b), but no person has any claim under
this chapter 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.
(e) The purchaser of
property at any sale conducted by the administrator pursuant to 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. The
administrator shall execute all documents
necessary to complete the transfer of ownership.
SECTION 2. This act shall take effect upon passage.
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LC01631
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