447.558. Sale of property, when--publication of notice--purchaser's title--proceeds, deposit.

MISSOURI STATUTES AND CODES

447.558. Sale of property, when--publication of notice--purchaser's title--proceeds, deposit.

Sale of property, when--publication of notice--purchaser'stitle--proceeds, deposit.

447.558. 1. All abandoned property delivered to the treasurerpursuant to sections 447.500 to 447.595 shall, within two years after thedelivery, be sold by the treasurer to the highest bidder at public sale inwhatever manner affords in the treasurer's judgment the most favorablemarket for the property involved. The treasurer may decline the highestbid and reoffer the property for sale if the treasurer considers the pricebid insufficient. The treasurer need not offer any property for sale if,in the treasurer's opinion, the probable cost of sale exceeds the value ofthe property.

2. Any sale held pursuant to this section, except for the sale ofmarketable securities, shall be preceded by a single publication of noticethereof, at least three weeks in advance of sale, in a newspaper qualifiedto publish public notices as provided in chapter 493, RSMo, published inthe county, or if no such qualified paper is published in the county, thenin a county adjacent to such county, and in the city, town, or villagewhere the property is to be sold if the property is to be sold there.

3. The purchaser at any sale conducted by the treasurer pursuant tosections 447.500 to 447.595 shall receive title to the property purchased,free from all claims of the owner or prior holder thereof and of allpersons claiming through or under them. The treasurer shall execute alldocuments necessary to complete the transfer of title.

4. The proceeds from the sale of abandoned property pursuant to thissection shall forthwith be deposited in the abandoned funds account.