Nebraska Statutes 69-1316. Abandoned property; State Treasurer; sell; when; notice; title
(a) Except as provided in section 69-1321, all abandoned property other than money, securities, bonds, or similar property delivered to the State Treasurer under the Uniform Disposition of Unclaimed Property Act shall be sold by him or her to the highest bidder at public sale in whatever city in the state affords in his or her judgment the most favorable market for the property involved. The State Treasurer shall hold the sale whenever he or she decides, but a sale must be conducted at least once every five years. The State Treasurer may decline the highest bid and reoffer the property for sale if he or she considers the price bid insufficient. He or she need not offer any property for sale if, in his or her opinion, the probable cost of sale exceeds the value of the property.
Terms Used In Nebraska Statutes 69-1316
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
(b) Any sale held under this section shall be preceded by a single publication of notice thereof, at least three weeks in advance of sale in an English language newspaper of general circulation in the county where the property is to be sold.
(c) The purchaser at any sale conducted by the State Treasurer pursuant to the act shall receive title to the property purchased, free from 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 title.
(d) Securities listed on an established stock exchange shall be sold at the prevailing prices on the exchange. Other securities may be sold over the counter at prevailing prices or by another commercially reasonable method. All securities presumed abandoned under the act and delivered to the State Treasurer shall be held for at least three years before he or she sells them. A person making a claim under this section 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 the sale, but no person has any claim under this section against the state, the holder, any transfer agent, any registrar, or any 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.