N.D. Cent. Code § 47-30.2-40

Current through 2024 Legislative Session

Section 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.

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.

N.D.C.C. § 47-30.2-40

Added by S.L. 2021 , ch. 337( SB 2048 ), § 17, eff. 7/1/2021.