58-3955. Public sale of abandoned property; exceptions.
58-3955
58-3955. Public sale of abandoned property;exceptions.(a) Except as provided in subsections (b) and (c), theadministrator,within three years after the receipt of abandoned property, shall sell itto the highest bidder at public sale in whatever city in the stateaffords in the judgment of the administrator the most favorable marketfor the property involved. The administrator may decline the highestbid and reoffer the property for sale if in the judgment of theadministrator the bid is insufficient. If in the judgment of theadministrator the probable cost of sale exceeds the value of theproperty, the property need not be offered for sale. Any sale held under thissection shall be preceded by a single publication of notice, at least threeweeks in advance of sale, in a newspaper of general circulation in thecounty in which the property is to be sold.
(b) Securities listed on an established stock exchange shall be sold atprices prevailing at the time of sale on the exchange. Othersecurities may be sold over the counter at prices prevailing at thetime of sale or by any other method the administrator considersadvisable.
(c) All securities presumed abandoned and delivered to theadministratorshallbe held for atleast six months before they may be sold. All securities must be soldwithin one year after they aredelivered to the administrator. A person making a claimunder this act is entitled toreceive either the securities delivered to the administrator by theholder, if they still remain in the hands of the administrator, or theproceeds received from the sale, less any amounts deducted pursuant tosubsection (b) of K.S.A. 58-3956, and amendments thereto, but no personhas anyclaim under this act against thestate, the holder, any transfer agent, registrar or other personacting for or on behalf of a holder for any appreciation in the valueof the property occurring after delivery by the holder to theadministrator.
(d) The purchaser of property at any sale conducted by theadministrator pursuant to this act takes the property free of allclaims of the owner or previous holder thereof and of all personsclaiming through or under them. The administrator shall execute alldocuments necessary to complete the transfer of ownership.
History: L. 1994, ch. 8, § 22;L. 2000, ch. 125, § 6; Apr. 27.