(a)Except as provided in subdivisions (b) and (c), all escheated property delivered to the Controller under this chapter shall be sold by the Controller to the highest bidder at public sale in whatever city in the state affords in the Controller’s judgment the most favorable market for the property involved, or the Controller may conduct the sale by electronic media, including, but not limited to, the internet, if in the Controller’s judgment it is cost effective to conduct the sale of the property involved in that manner. However, no sale shall be made pursuant to this subdivision until 18 months after the final date for filing the report required by Section 1530. The Controller may decline the highest bid and reoffer the property for sale if the Controller considers the price bid insuff
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(a)
Except as provided in subdivisions (b) and (c), all escheated property delivered to the Controller under this chapter shall be sold by the Controller to the highest bidder at public sale in whatever city in the state affords in the Controller’s judgment the most favorable market for the property involved, or the Controller may conduct the sale by electronic media, including, but not limited to, the internet, if in the Controller’s judgment it is cost effective to conduct the sale of the property involved in that manner. However, no sale shall be made pursuant to this subdivision until 18 months after the final date for filing the report required by Section 1530. The Controller may decline the highest bid and reoffer the property for sale if the Controller considers the price bid insufficient. The Controller need not offer any
property for sale if, in the Controller’s opinion, the probable cost of sale exceeds the value of the property. Any sale of escheated property held under this section shall be preceded by a single publication of notice thereof, at least one week in advance of sale, in an English language newspaper of general circulation in the county where the property is to be sold.
(b)
Securities listed on an established stock exchange shall be sold at the prevailing prices on that exchange. Other securities may be sold over the counter at prevailing prices or by any other method that the Controller may determine to be advisable. These securities shall be sold by the Controller no sooner than 18 months, but no later than 20 months, after the actual date of filing of the report required by Section 1530. If securities delivered to the Controller remain in the custody of the Controller, a person making a valid claim for those securities under this chapter shall
be entitled to receive the securities from the Controller. If the securities or digital financial assets have been sold, the person shall be entitled to receive the net proceeds received by the Controller from its sale. United States government savings bonds and United States war bonds shall be presented to the United States for payment. Subdivision (a) does not apply to the property described in this subdivision.
(c)
Digital financial assets held by the Controller may be converted to fiat currency at prevailing prices by any method that the Controller may determine to be advisable. The Controller shall convert such digital financial assets no sooner than 18 months, but no later than 20 months, after the actual date of filing of the report required by Section 1530. If digital financial assets delivered to the Controller remain in the custody of the Controller, a person making a valid claim for those assets under this chapter shall be entitled
to receive the digital financial assets from the Controller. If the digital financial assets have been converted, the person shall be entitled to receive the net proceeds received by the Controller from its sale.
(d)
(1)
All escheated property consisting of military awards, decorations, equipment, artifacts, memorabilia, documents, photographs, films, literature, and any other item relating to the military history of California and Californians that is delivered to the Controller is exempt from subdivision (a) and may, at the discretion of the Controller, be held in trust for the Controller at the California State Military Museum and Resource Center, or successor entity. All escheated property held in trust pursuant to this subdivision is subject to the applicable regulations of the United States Army governing Army museum activities as described in Section 179 of the Military and Veterans Code. A person claiming an
interest in the escheated property may file a claim to the property pursuant to Article 4 (commencing with Section 1540).
(2)
The California State Military Museum and Resource Center, or successor entity, shall be responsible for the costs of storage and maintenance of escheated property delivered by the Controller under this subdivision.
(e)
The purchaser at any sale conducted by the Controller pursuant to this chapter 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 Controller shall execute all documents necessary to complete the transfer of title.