1997 Minnesota Statutes

     345.47 Sale of abandoned property. 

    Subdivision 1.    Public sale.  Except as provided in 
 subdivisions 3 and 5, all abandoned property other than money 
 delivered to the commissioner under sections 345.31 to 345.60 
 shall be sold by the commissioner to the highest bidder at 
 public sale in whatever city in the state the commissioner 
 judges to afford the most favorable market for the property 
 involved.  The sale must be held whenever the commissioner deems 
 necessary but at least once every ten years.  The commissioner 
 may decline the highest bid and reoffer the property for sale if 
 the commissioner considers the price bid insufficient.  The 
 commissioner need not offer any property for sale if of the 
 opinion that the probable cost of sale exceeds the value of the 
 property. 

    Subd. 2.    Notice.  Any sale held under this section 
 shall be preceded by a single publication of notice thereof, at 
 least three weeks in advance of sale in an English language 
 newspaper of general circulation in the county where the 
 property is to be sold. 

    Subd. 3.    Securities.  Securities listed on an 
 established stock exchange shall be sold at the prevailing 
 prices on the exchange.  Other securities may be sold over the 
 counter at prevailing prices or, with prior approval of the 
 state board of investment, by another method the commissioner 
 determines advisable.  United States government savings bonds 
 and United States war bonds shall be presented to the United 
 States for payment. 

    Subd. 3a.    Holding period.  All securities presumed 
 abandoned under section 345.35 and delivered to the commissioner 
 must be held for at least three years before they are sold.  A 
 person making a claim under this section is entitled to receive 
 either the securities delivered to the commissioner by the 
 holder, if they still remain in the hands of the commissioner, 
 or the proceeds received from the sale, but no person has any 
 claim under this section against the state, the holder, any 
 transfer agent, registrar, or other person acting for or on 
 behalf of a holder for any appreciation in the value of the 
 property occurring after delivery by the holder to the 
 commissioner. 

    Subd. 4.    Title to property.  The purchaser at any 
 sale conducted by the commissioner pursuant to sections 345.31 
 to 345.60 and the Minnesota historical society under subdivision 
 5 shall receive title to the property purchased or selected, 
 free from all claims of the owner or prior holder thereof and of 
 all persons claiming through or under them.  The commissioner 
 shall execute all documents necessary to complete the transfer 
 of title. 

    Subd. 5.    Historic items.  The commissioner shall 
 provide the Minnesota historical society with an inventory of 
 abandoned property, other than money, six months prior to public 
 sale.  The society may select for its collections any items it 
 finds of historical value.  The society shall make its selection 
 before the commissioner appraises or sorts the material for 
 public sale. The society has 90 days from the date of 
 notification by the commissioner to exercise the authority 
 granted by this subdivision.  

    HIST: 1969 c 725 s 17; 1977 c 137 s 10; 1983 c 301 s 234; 1984 
 c 552 s 18; 1984 c 654 art 3 s 86,87; 1985 c 222 s 3; 1986 c 
 444; 1994 c 632 art 4 s 73