(a) Except as otherwise provided in this section, the State Treasurer, within three years after the receipt of abandoned property, shall sell it to the highest bidder at public sale. The State Treasurer may decline the highest bid and reoffer the property for sale if the State Treasurer considers the bid to be insufficient. The State Treasurer need not offer the property for sale if the State Treasurer considers that the probable cost of sale will exceed the proceeds of the sale. A sale held under this section shall be preceded by a minimum of a single publication of notice at least three weeks before sale. (b) Securities listed on an established stock exchange must be sold at prices prevailing on the exchange at the time of sale. Other securities may be sold over the counter at prices prevailing at the time of sale or by any reasonable method selected by the State Treasurer. All securities delivered to the State Treasurer may be sold upon receipt. (c)(1) Digital assets listed on an established exchange must be sold at prices prevailing on the exchange at the time of sale. Other digital assets may be sold over the counter at prices prevailing at the time of sale or by any reasonable method selected by the State Treasurer. All digital assets delivered to the State Treasurer may be sold upon receipt. (2) If the holder has a private key, credential, or other information necessary to effectuate the transfer of digital assets presumed abandoned, the holder shall report the digital asset and, within 30 days after filing the report, deliver the digital asset, in native form, into the custody of the State Treasurer. The holder shall comply with any delivery instructions given by the State Treasurer. Within 30 days after delivery of the digital asset, the holder shall provide the State Treasurer with reconciliation of the delivered asset with respect to the report filed. (3) If the holder does not have sufficient information to effectuate a transfer of a digital asset, the holder shall maintain possession of the digital asset until the holder acquires the information necessary to effectuate the transfer. (4) The State Treasurer may decline to accept a digital asset presumed abandoned if the State Treasurer determines that the digital asset is not freely transferable, is of nominal value, or has value of less than the estimated expenses of maintenance, notice, and sale of the digital asset. The State Treasurer may also identify classes or types of digital assets that are exempt from reporting or liquidation. (5) The State Treasurer may direct a holder of a digital asset presumed abandoned to liquidate the digital asset. The order to liquidate may be provided in the reporting instructions for the year that a report is due. The holder shall liquidate the digital asset within 30 days after the filing of a report. (6)a. Beginning not later than January 1, 2028, the State Treasurer shall annually issue a report to the Legislature which summarizes all digital asset activity pursuant to this chapter for the previous year. b. The initial annual report shall address the feasibility of contracting with a qualified custodian for the purpose of holding digital assets in the assets’ native form and any costs that may be associated with contracting with a custodian for this purpose. c. Paragraph b. shall not be construed to require the State Treasurer to contract with a qualified custodian for the purpose of the state holding unclaimed digital assets in the assets’ native form. (d) Any person making a claim pursuant to this section is entitled to receive either the property delivered by the holder, if it still remains in custody of the State Treasurer, or the proceeds received from sale, less any fees and expenses incurred from the sale if deducted. No person has any claim under this article against the state, the State Treasurer, the holder, any transfer agent, any auctioneer, or any person acting for or on behalf of the holder or State Treasurer for any appreciation or depreciation in the value of property occurring after its liquidation. (e) A purchaser of property at a sale conducted by the State Treasurer pursuant to this article takes the property free of all claims of the owner or previous holder and of all persons claiming through or under them. The State Treasurer shall execute all documents necessary to complete the transfer of ownership.
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