§ 116B-65. Public sale of abandoned property. - North Carolina Statutes

§ 116B‑65.  Publicsale of abandoned property.

(a)        Except as otherwise provided in this section, the Treasurer,within three years after the receipt of abandoned property, shall sell it tothe highest bidder at public sale at a location in the State which in thejudgment of the Treasurer affords the most favorable market for the property.The Treasurer may decline the highest bid and reoffer the property for sale ifthe Treasurer considers the bid to be insufficient. The Treasurer need notoffer the property for sale if the Treasurer considers that the probable costof sale will exceed the proceeds of the sale. A sale held under this sectionmust be preceded by a single publication of notice, at least three weeks beforesale, in a newspaper of general circulation in the county in which the propertyis to be sold. The Treasurer is not required to sell money unless it is acollector's species having value greater than the face value of the money ascash.

(b)        Securities listed on an established stock exchange must besold at prices prevailing on the exchange at the time of sale. Other securitiesmay be sold over the counter at prices prevailing at the time of sale or by anyreasonable method selected by the Treasurer. If securities are sold by theTreasurer before the expiration of three years after their delivery to theTreasurer, a person making a claim under this Chapter before the end of thethree‑year period is entitled to the proceeds of the sale of thesecurities or the market value of the securities at the time the claim is made,whichever is greater, less any deduction for expenses of sale. A person makinga claim under this Chapter after the expiration of the three‑year periodis entitled to receive the securities delivered to the Treasurer by the holder,if they still remain in the custody of the Treasurer, or the net proceedsreceived from sale, and is not entitled to receive any appreciation in thevalue of the property occurring after delivery to the Treasurer, except in acase of intentional misconduct by the Treasurer.

(c)        A purchaser of property at a sale conducted by the Treasurerpursuant to this Chapter takes the property free of all claims of the owner orprevious holder and of all persons claiming through or under them. TheTreasurer shall execute all documents necessary to complete the transfer ofownership. (1979, 2nd Sess.,c. 1311, s. 1; 1999‑460, s. 6.)