(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)  [As amended by P.L. 2009, ch. 232, § 1]. If medals awarded to United States military personnel are delivered to the general 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.

(1)  [As amended by P.L. 2009, ch. 305, § 1]. If medals awarded to United States military personnel are delivered to the general treasurer pursuant to this section, the general treasurer shall not offer those medals for public sale or at public auction. Medals shall be returned only to the owner of the safe deposit box containing the medals, or the heirs of the recipient of the medal.

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Terms Used In Rhode Island General Laws 33-21.1-22

  • Administrator: means the general treasurer or his or her designee, including agents hired for the express purpose of auditing, assessing and collecting unclaimed property. See Rhode Island General Laws 33-21.1-1
  • Holder: means a person, wherever organized or domiciled, who is:

    (i)  In possession of property belonging to another,

    (ii)  A trustee, or

    (iii)  Indebted to another on an obligation. See Rhode Island General Laws 33-21.1-1

  • Owner: means a depositor in the case of a deposit, a beneficiary in the case of a trust other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, or a person having a legal or equitable interest in property subject to this chapter or his or her legal representative. See Rhode Island General Laws 33-21.1-1
  • Person: means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, two (2) or more persons having a joint or common interest, or any other legal or commercial entity. See Rhode Island General Laws 33-21.1-1
  • State: means any state, district, commonwealth, territory, insular possession, or any other area subject to the legislative authority of the United States. See Rhode Island General Laws 33-21.1-1
  • United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8

(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 § 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 § 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 § 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 § 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 § 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.

History of Section.
P.L. 1986, ch. 500, § 3; P.L. 2004, ch. 305, § 1; P.L. 2009, ch. 232, § 1; P.L. 2009, ch. 305, § 1.