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<section article="gcl" article_name="Commercial Law" number="17-316" title_number="17" title_name="Disposition of Abandoned Property" subtitle_number="3" subtitle_name="Abandoned Property in This State">
  <level label="a">
    <text>Within 1 year after delivery under this title of abandoned property other than money, the Administrator shall determine:</text>
    <level label="1">
      <text>Whether the property has commercial value; and</text>
    </level>
    <level label="2">
      <text>If the property has commercial value, the property’s commercial value.</text>
    </level>
  </level>
  <level label="b">
    <level label="1">
      <text>Except as provided in subsection (c) of this section, within 1 year after delivery under this title of abandoned property other than money, the Administrator shall offer the abandoned property for sale.</text>
    </level>
    <level label="2">
      <text>The sale shall be to the highest bidder at public sale in whatever place in the State affords the most favorable market for the property involved.</text>
    </level>
    <level label="3">
      <text>The Administrator may decline the highest bid and reoffer the property for sale if the price bid is insufficient.</text>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>The Administrator need not offer abandoned property for sale if:</text>
      <level label="i">
        <text>The probable cost of sale exceeds the Administrator’s estimation of the value of the property; or</text>
      </level>
      <level label="ii">
        <text>The Administrator determines that the property has no commercial value.</text>
      </level>
    </level>
    <level label="2">
      <text>If under paragraph (1) of this subsection abandoned property need not be offered for sale, the Administrator may:</text>
      <level label="i">
        <text>Return the property to the holder;</text>
      </level>
      <level label="ii">
        <text>Destroy the property; or</text>
      </level>
      <level label="iii">
        <text>Otherwise dispose of the property.</text>
      </level>
    </level>
  </level>
  <level label="d">
    <text>The Administrator shall give reasonable notice to the public of any sale held under this section.</text>
  </level>
  <level label="e">
    <level label="1">
      <text>The purchaser at any sale conducted by the Administrator under this section shall receive title to the property purchased, free from every claim of the owner or prior holder of it and of every person who claims through or under them.</text>
    </level>
    <level label="2">
      <text>The Administrator shall execute all documents necessary to complete the transfer of title.</text>
    </level>
  </level>
  <level label="f">
    <text>No action by any person may be brought or maintained against the State or any officer of the State for or on account of any transaction entered into pursuant to and in accordance with the provisions of this section.</text>
  </level>
</section>
