§ 41-122. Sale of abandoned property.

Current through October 23, 2012

(a) All abandoned property other than money delivered to the Mayor under this chapter which remains unclaimed 1 year after the delivery to the Mayor may be sold to the highest bidder at public sale. The Mayor may decline the highest bid and re-offer the property for sale if the Mayor considers the price bid insufficient. The Mayor need not offer any property for sale if, in the Mayor's opinion, the probable cost of sale exceeds the value of the property.

(b) Any sale held under subsection (a) of this section shall be preceded by at least a single publication of notice thereof, at least 3 weeks in advance of sale, in a newspaper of general circulation in the District.

(c) The purchaser at any sale conducted by the Mayor pursuant to this chapter shall receive title to the property purchased, free from all claims of the owner or prior holder and of all persons claiming through or under the owner or prior holder. The Mayor shall execute all documents necessary to complete the transfer of title.

(d) Unless the Mayor considers it to be in the best interest of the District to do otherwise, all securities abandoned under § 41-109 must be held for at least 3 years before the Mayor may sell them. If the Mayor sells any securities delivered pursuant to § 41-109 before the expiration of the 3- year period, any person making a claim pursuant to this chapter before the end of 3 years is entitled to either the proceeds of the sale of the securities or the market value of the securities at the time the claim is made, whichever is greater, less any deduction for fees pursuant to § 41-123(c). A person making a claim under this chapter after the expiration of this period is entitled to receive either the securities delivered to the Mayor by the holder, if they still remain in the hands of the Mayor, or the proceeds received from the sale, less any amounts deducted pursuant to § 41-123(c); but no person has any claim under this chapter against the District, 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 Mayor.

                
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(Mar. 5, 1981, D.C. Law 3-160, § 122, 27 DCR 5150; Mar. 20, 1998, D.C. Law 12-60, § 1701(o), 44 DCR 7378.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 42-222.

Temporary Amendments of Section

Section 1701(o) of D.C. Law 12-59 in (a), inserted "which remains unclaimed 1 year after the delivery to the Mayor" in the first sentence; and added (d).

Section 2001(b) of D.C. Law 12-59 provided that the act shall expire after 225 days of its having taken effect.

Emergency Act Amendments

For temporary amendment of section, see § 1701(o) of the Fiscal Year 1998 Revised Budget Support Emergency Act of 1997 (D.C. Act 12-152, October 17, 1997, 44 DCR 6196), and see § 1701(o) of the Fiscal Year 1998 Revised Budget Support Congressional Review Emergency Act of 1997 (D.C. Act 12-239, January 13, 1998, 45 DCR 508).

Legislative History of Laws

For legislative history of D.C. Law 3-160, see Historical and Statutory Notes following § 41-101.

For legislative history of D.C. Law 12-59, see Historical and Statutory Notes following § 41-102.

For legislative history of D.C. Law 12-60, see Historical and Statutory Notes following § 41-102.

Uniform Law

This section is based upon § 22 of the Uniform Unclaimed Property Act (1981 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.