23-4.2 - Disposition of unclaimed property.

§ 23-4.2. Disposition of unclaimed property.

The board of visitors or other governing body of every state institution ofhigher education and every private accredited nonprofit institution of highereducation in the Commonwealth may provide by regulation for the care,restitution, sale, destruction or disposal of unclaimed personal property,whether lost or abandoned, in the possession of the institution. Wheneverprocedures in accordance with such regulations and this section are followedand ownership cannot be established with respect to certain property, theinstitution, and the employees and agents thereof, shall have no liability toany person claiming any interest in the property.

A. In the case of tangible personal property other than registered motorvehicles:

1. The institution, upon receipt of lost property, shall make reasonableefforts to give notice that the property has been found to any person theinstitution determines reasonably appears to be the owner. The property shallbe held by the institution for a period of not less than 120 days. Theinstitution shall allow a claim upon satisfactory proof of it and payment ofthe institution's reasonable charges for storage or other services necessaryto preserve the property.

2. After the 120-day period, the institution may sell the property to thehighest bidder at public auction or by sealed bid at whatever location theinstitution reasonably determines affords the most favorable market for theproperty. The institution may decline the highest bid and reoffer theproperty for sale if it considers the price bid insufficient. The netproceeds of any sale hereunder shall be held for a period of ninety days andif no claim is made thereon within that time, such funds shall be credited tothe institution's operating fund. If the institution determines that theprobable cost of sale of property will exceed the sale proceeds, the propertyis inherently dangerous, or the property may not lawfully be sold or used,the institution may provide for any such property, as appropriate under thecircumstances, to be destroyed or discarded at an appropriate location,retained for use by the institution, or donated to an appropriate charitableorganization.

3. Any sale held hereunder shall be preceded by reasonable notice thereof,considering the type and value of property. Such notice shall include as aminimum the posting on a student bulletin board and publication in a schoolnewspaper. The institution, by the same time, shall mail notice of the saleto the last known address of any person the institution determines reasonablyappears to be the owner.

B. Whenever a motor vehicle is abandoned on the campus of any institutionthat lies within a county, city, or town which has adopted an ordinance asprovided in Chapter 12 of Title 46.2, such motor vehicle shall be disposed ofas provided in that ordinance. Notwithstanding any provisions of Chapter 12of Title 46.2, the proceeds of any sale of a motor vehicle abandoned andunclaimed on institutional property shall be credited to the institution'soperating fund after the ninety-day holding period. The board of visitors orother governing body of an institution of higher education having a campus orpart of a campus lying in a locality which has not adopted such an ordinance,may promulgate a regulation dealing with motor vehicles abandoned within suchcampus or part of campus. Such regulations shall comply with all provisionsof Chapter 12 of Title 46.2 and shall have the same legal effect as thoughthe institution were a political subdivision as defined in that chapter andthe regulation was an ordinance. The proceeds from any sale resulting fromsuch regulations shall be held for a period of ninety days and if no claim ismade therefor within that time, such funds shall be credited to theinstitution's operating fund.

C. Whenever any intangible personal property is believed to be abandoned orunclaimed on the campus of a state institution of higher education, it shallbe administered as provided in Article 4 (§ 55-210.12 et seq.) of Chapter11.1 of Title 55.

D. Whenever any personal property, tangible or intangible, has been acceptedfor safekeeping during a patient's stay by any hospital operated by a stateinstitution of higher education, and said property is believed by theappropriately designated official to be abandoned or unclaimed, it shall beadministered as provided in Article 4 (§ 55-210.12 et seq.) of Chapter 11.1of Title 55.

(1981, c. 517; 1982, c. 210.)