46:30B-72.1 - Sale of tangible property - New Jersey Statutes

46:30B-72.1.  Sale of tangible property
     46:30B-72.1.  Sale of tangible property.  Regarding the sale of tangible property, such as jewelry and works of art, the administrator shall follow the specifications for payment of safe deposit box or repository charges set forth in R.S.46:30B-67, and shall proceed with the sale as follows:

    a.   Thirty days prior to the public sale, notification by standardized form shall be sent to the last known address of the owner by registered or certified mail.

    b.   Ten days prior to the public sale, legal notice of abandoned property and intent to auction shall be advertised in a regularly published local newspaper.

    c.   An itemized list of auctionable items shall be prepared by the administrator, identifying each by owner, box and item number.  The list shall be prepared in duplicate, the original to be given to the auctioneer, and the copy to be retained on file at the office of the administrator.

    d.   The holder of the unclaimed property shall receive due compensation, as specified in R.S.46:30B-67.

    e.   The office of the administrator shall receive compensation equal to the amount due for the cost of mailing the notice of public auction, and newspaper notices, and a sum equal to the break-open charge of the safe deposit box, to be forwarded to the office of the administrator and used for activities consistent with the execution of the duties of that office.

    f.   Any remaining balance of funds shall be taken into the custody of the State of New Jersey pursuant to this act.

    L.1989, c.58, s.1.