Maine § 2131. - Public sale of property

§ 2131.. Public sale of property

1.  Sale after one year.  Subject to section 2132, not earlier than one year after receipt of property presumed abandoned, the administrator may sell the property.

2.  Notice of sale.  Before selling property under subsection 1, the administrator shall give notice to the public of:

A. The date of the sale; and   [PL 2019, c. 498, §22 (NEW).]

B. The nature of the property.   [PL 2019, c. 498, §22 (NEW).]

3.  Sale to highest bidder.  A sale under subsection 1 must be to the highest bidder:

A. At public sale at a location in this State that the administrator determines to be the most favorable market for the property;   [PL 2019, c. 498, §22 (NEW).]

B. On the Internet; or   [PL 2019, c. 498, §22 (NEW).]

C. On another forum the administrator determines is likely to yield the highest net proceeds of sale.   [PL 2019, c. 498, §22 (NEW).]

4.  Highest bid insufficient.  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.  Publication of notice.  If a sale held under this section is to be conducted other than on the Internet, the administrator may publish at least one notice of the sale, at least 2 weeks but not more than 10 weeks before the sale.