New Jersey Statutes 18A:64-78. Sale of surplus personal property
Terms Used In New Jersey Statutes 18A:64-78
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- Personal property: All property that is not real property.
- Personal property: includes goods and chattels, rights and credits, moneys and effects, evidences of debt, choses in action and all written instruments by which any right to, interest in, or lien or encumbrance upon, property or any debt or financial obligation is created, acknowledged, evidenced, transferred, discharged or defeated, in whole or in part, and everything except real property as herein defined which may be the subject of ownership. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
a. If the estimated fair value of the property to be sold exceeds $100,000 or, commencing January 1,2005, the amount determined pursuant to subsection b. of section 3 of P.L.1986, c.43 (C. 18A:64-54), in any one sale and the property does not consist of perishable goods, it shall be sold at public sale to the highest bidder.
b. Notice of the date, time and place of the public sale, together with a description of the items to be sold and the conditions of sale, shall be published once in a legal newspaper. Sales shall be held not less than seven nor more than 14 days after the publication of the notice thereof.
c. Personal property may be sold to the United States, the State of New Jersey, another college or to any body politic by private sale without advertising for bids.
d. If no bids are received, the property may then be sold at private sale without further publication or notice thereof but in no event at less than the estimated fair value; or the State college may, if it so elects, reoffer the property at public sale. As used herein, “estimated fair value” means the market value of the property if sold by a willing seller to a willing buyer less the cost to the college of continuing to store or maintain the property.
e. A State college may reject all bids if it determines a rejection to be in the public interest. In any case in which the college has rejected all bids, it may readvertise the personal property for a subsequent public sale. If it elects to reject all bids at a second public sale pursuant to this section, it may then sell the personal property without further publication or notice thereof at private sale, but in no event shall the negotiated price at the private sale be less than the amount of the highest bid rejected at the preceding two public sales, nor shall the terms or conditions of sale be changed or amended.
f. If the estimated fair value of the property to be sold does not exceed $100,000 or, commencing January 1, 2005, the amount determined pursuant to subsection b. of section 3 of P.L.1986, c.43 (C. 18A:64-54), in any one sale or the property consists of perishable goods, it may be sold at private sale without advertising for bids.
L.1986,c.43,s.27;amended 1997, c.292, s.4; 2005, c.369, s.15; 2021, c.417, s.9.