North Dakota Code 47-30.2-40 – (701) Public sale of property
1. Subject to section 47-30.2-41, not earlier than three years after receipt of property presumed abandoned, the administrator may sell the property.
Terms Used In North Dakota Code 47-30.2-40
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
2. Before selling property under subsection 1, the administrator shall give notice to the public of:
a. The date of the sale; and
b. A reasonable description of the property.
3. A sale under subsection 1 must be to the highest bidder:
a. At public sale at a location in this state which the administrator determines to be the most favorable market for the property; b. On the internet; or
c. On another forum the administrator determines is likely to yield the highest net proceeds of sale.
4. The administrator may decline the highest bid at a sale under this section and reoffer the property for sale if the administrator determines the highest bid is insufficient.
5. If a sale held under this section is to be conducted other than on the internet, the administrator shall publish on the administrator’s website a notice of the sale, at least ten days before the date of sale.