§ 9-4-814 — Sale of collateral

The state treasurer may sell any or all collateral that may be
pledged as security for the deposit of any state funds in any
depository under this act, at public or private sale, whenever
there shall be a failure or refusal upon the part of any state
depository, to pay over the funds, or any part thereof or
interest thereon, upon the demand or order of the state
treasurer, or his authorized deputy on the state depository.
Notice of the sale of collateral given as security for deposits
is required only if the state treasurer finds that the
collateral is illiquid. If notice is required, it shall be given
by publication once each week for three (3) consecutive weeks in
a newspaper of general circulation in the county or counties in
which real estate, in the case of mortgages, or the local
governments, in the case of local government bonds, are located.
When a sale of collateral is made by the state treasurer, either
at public or private sale, and the collateral has been
transferred by the chairman and secretary of the board of
deposits, the absolute ownership of the collateral shall vest in
the purchasers, upon the payment of the purchase money to the
state treasurer. Should there be any surplus after paying the
amount due the state and expenses of sale, it shall be paid to
the state depository which made the pledge of the collateral.