(a) Except as otherwise provided in § 66-29-154, not earlier than three (3) years after receipt of property that has been presumed abandoned, the treasurer may sell the property.
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Terms Used In Tennessee Code 66-29-141

  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Tennessee Code 66-29-102
  • Property: means tangible property described in §. See Tennessee Code 66-29-102
  • State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Tennessee Code 66-29-102
  • Treasurer: means the state treasurer. See Tennessee Code 66-29-102
(b) A sale under subsection (a) must be preceded by notice to the public of:

(1) The date of the sale; and
(2) A reasonable description of the property.
(c) A sale under subsection (a) must be to the highest bidder:

(1) At a public sale at a location in this state which the treasurer determines to be the most favorable market for the property; or
(2) On the internet or another forum the treasurer determines is likely to yield the highest net proceeds of sale.
(d) The treasurer may decline the highest bid at a sale under subsection (a) and reoffer the property for sale if the treasurer determines the highest bid is insufficient.
(e) If a sale held under this section is to be conducted other than by electronic means, the treasurer must publish not less than one (1) notice of the sale at least three (3) weeks, but not more than five (5) weeks, before the sale, in a newspaper of general circulation in the county in which the property is to be sold.
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