(1) Subject to Section 67-4a-702, not earlier than three years after receipt of tangible property presumed abandoned, the administrator may sell the property. (2) Before selling property under Subsection (1), the administrator shall give notice to the public of: (a) the date of the sale; and (b) a reasonable description of the property. (3) A sale under Subsection (1) shall be to the highest bidder: (a) at a public sale at a location in this state that the administrator determines to be the most favorable market for the property; (b) on the internet; or (c) on another forum the administrator determines likely to yield the highest net proceeds of sale. (4) The administrator may decline the highest bid at a sale under this section and reoffer the property for sale if the administrator determines the highest bid is insufficient. (5) If a sale held under this section is to be conducted other than on the internet, the administrator shall cause to be published at least one notice of the sale, at least two weeks but not more than five weeks before the sale, in a newspaper of general circulation in the county in which the property is to be sold. (6) (a) Property eligible for sale will not be sold if a claim has been filed with the administrator by an apparent owner, heir, or agent. (b) Upon approval of a claim, the owner, heir, or agent may request the administrator to dispose of the property by sale and remit the net proceeds to the owner, heir, or agent. (c) Upon disapproval of the claim, the administrator may dispose of the property by sale.
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