§ 32-34-1.5-37 — Sale of property

Indiana § 32-34-1.5-37

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 34: LOST OR UNCLAIMED PERSONAL PROPERTY
• Ch. 1.5: Revised Unclaimed Property Act

Text

(a) Subject to section 38 of this chapter,
not earlier than three (3) years after receipt of property presumed
abandoned, the attorney general may sell the property.
(b) Before selling property under subsection (a), the attorney general
must give 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 public sale at a location in this state which the attorney
general determines to be the most favorable market for the
property;
(2) on the Internet; or
(3) on another forum the attorney general determines is likely to
yield the highest net proceeds of sale.
(d) The attorney general may decline the highest bid at a sale under
this section and reoffer the property for sale if the attorney general
determines the highest bid is insufficient.
(e) If a sale held under this section is to be conducted other than on
the Internet, the attorney general must publish at least 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 sold.

Legislative History

As added by P.L.141-2021, SEC.20.