Chapter 305

2004 -- H 7680

Enacted 07/03/04

A N A C T

RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED PROPERTY

Introduced By: Representatives Rose, Savage, Dennigan, Moura, and Story

Date Introduced: February 11, 2004

It is enacted by the General Assembly as follows:

     SECTION 1. Section 33-21.1-22 of the General Laws in Chapter 33-21.1 entitled

"Unclaimed Intangible and Tangible Property" is hereby amended to read as follows:

33-21.1-22. Public sale of abandoned property. -- (a) Except as provided in subsections

(b) and (c), tThe administrator, within three (3) years after the receipt of abandoned property,

shall sell it 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.

      (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 section 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 section 33-21.1-10, and delivered to the

administrator must be held for at least three (3) one (1) years before he or she may sell them. If

the administrator sells any securities delivered pursuant to section 33-21.1-10 before the

expiration of the three (3) one (1) year period, any person making a claim pursuant to this chapter

before the end of the three (3) one (1) 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 section 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 section

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.

     SECTION 2. This act shall take effect upon passage.

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LC02306

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