§ 34-24-123 — Public sale of abandoned property

Wyoming § 34-24-123

• Jurisdiction: Wyoming
• Title 34: Property, Conveyances and Security Transactions
• Ch. 24: UNIFORM UNCLAIMED PROPERTY ACT

Text

(a) Except as provided in subsections (b) and (c) of this
section, the administrator, within three (3) years after the
receipt of abandoned property, shall sell it 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 shall 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
shall 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 deemed abandoned under W.S. 34-24-111,
delivered to the administrator shall be held for at least one
(1) year before he may sell them.
(d) Unless the administrator considers it to be in the
best interest of the state to do otherwise, all securities
deemed abandoned under W.S. 34-24-111 and delivered to the
administrator shall be held for at least three (3) years before
the administrator may sell them. If the administrator sells any
securities delivered pursuant to W.S. 34-24-111 before the
expiration of the three (3) year period, any person making a
claim pursuant to this act before the end of the three (3) 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. A person making a
claim under this act 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, but no
person has any claim under this act 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 act takes the property free of
all claims of the owner or previous holder thereof and of all
persons claiming through or under them. The administrator shall
execute all documents necessary to complete the transfer of
ownership.