Disposition of Unclaimed Property, Real Property and Personal Effects
(1)Except as otherwise provided in subsections (2), (3), (7), (8), (13), (14) and (15) of this rule, the Department shall sell the contents of safe deposit boxes received from banks or credit unions or other safekeeping repository, all Property and personal effects belonging to a deceased Person and all other Property presumed abandoned and delivered to the Department at such time and place, and in such manner as the Department determines will bring the highest return.
(a) In choosing the most favorable method for sale of Property under this subsection, the Department may consider:
(A) A public oral auction;
(B) An electronic commerce forum;
(C) Any other method of sale that ensures the highest returns and provides for open, public participation.
(b) In choosing the most favorable location for the sale of Property under this subsection, the Department may consider:
(A) The population of the location;
(B) The cost of conducting the sale in the location;
(C) The type of Property being sold;
(D) The public access to the proposed sale location, including parking; and
(E) Any other indicator of market potential of the location.
(2) Contents of safe deposit boxes received from banks or credit unions or other safekeeping repository may be sold after one year unless the Department considers it in the best interest of the state to do otherwise.
(3) Securities shall be sold on the exchange at prices prevailing at the time of the sale or by any other method the Department considers advisable.
(4) In disposing of unclaimed property or Property received as part of an escheated estate, the Department of State Lands may:
(a) Obtain the services of a qualified appraiser to assist with the determination of values;
(b) Employ a qualified investment advisor to assist with the custody and sale of securities;
(c) Employ an auctioneer to conduct a public, oral auction or estate sale to dispose of Property;
(d) Offer the Property through electronic commerce; or
(e) Contract with a real estate broker to sell real property.
(5) Sales shall be conducted by a contractor hired through a process conducted in accordance with the requirements of ORS 279.310 to 279.323. The contractor may not be an employee or relative of an employee of the Department.
(6) For a sale by public oral auction held under subsection (1) of this section, the Department shall publish at least a single notice of the sale at least 10 days in advance of the sale in a newspaper of general circulation in the county where the Property is to be sold. For a sale by a method other than public oral auction, the Department shall publish at least a single notice in a newspaper of general circulation in Marion County.
(7) If the Department determines after investigation that any item delivered as unclaimed property or received as part of an escheated estate has insubstantial commercial value, the Department may:
(a) Destroy or otherwise dispose of the Property at any time, pursuant to ORS 98.384 (Destruction or disposition of unclaimed property) including personal papers obtained by escheat under ORS 112.055 (Escheat).
(b) Donate items with little or no commercial value including used clothing, worn-out or broken furniture, and common houseplants to charitable service organizations or other persons such as friends or neighbors of the decedent.
(8) The Department may donate, sell or dispose of food that is part of an escheated estate on site.
(9) If the cost of a public auction would exceed the value of a particular item, the Department need not offer the Property for sale. The Department may dispose of the item by obtaining at least three oral bids or request sealed bids from interested parties, selling the item to the highest bidder. Examples are old vehicles, trailers, and extremely heavy or awkward items that would require special handling.
(10) No donations, sales, or other disposition of any unclaimed property or Property belonging to estates may be made to employees of the Department or the State Land Board or members of their immediate household, parents, or children not living at home.
(11) The Department may decline the highest bid and re-offer the Property for sale if the Department considers the bid price insufficient.
(12) The purchaser of Property at any sale conducted by the Department takes the Property free of all claims of the Owner or previous Holder, and of all Persons claiming through or under them. The Department shall execute any documents necessary to complete the transfer of ownership.
(13) The Department may not sell or destroy a Military Medal. The Department shall retain the Military Medal until a claim is filed for the Military Medal by a Service Member or by a Descendant of a deceased Service Member.
(14) The Department may deliver a Military Medal to one of the following custodians if the recipient agrees, in writing, to retain the Military Medal for the Service Member or a Descendant of a deceased Service Member:
(a) A military veterans’ organization qualified under section 501(c)(19) of the Internal Revenue Code;
(b) The agency that awarded the Military Medal;
(c) A state or federal agency; or
(d) The Oregon Military Museum established under ORS 396.555 (Oregon Military Museum established at Camp Withycombe).
(15) U.S. Savings Bonds received in safe keeping will be held in the custody of the Department until an Owner or Person having legal or beneficial interest in the U.S. Savings Bonds has claimed them or if no Person has been identified as the Owner within three years after the first public notice pursuant to ORS 98.302 (Definitions for ORS 98.302 to 98.436) – 98.436 (Short title);
(a) Title to the U.S. Savings Bonds shall vest in the State of Oregon; and
(b) The administrator may seek an order from the Marion County Circuit Court escheating the U.S. Savings Bonds to the State of Oregon provided:
(A) The U.S. Savings Bonds have reached the final extended maturity date or the final maturity, or have stopped earning interest;
(B) The U.S savings bonds are in the possession of the state; and
(C) Have been abandoned by all Persons entitled to payment for the U.S. Savings Bonds under the applicable federal regulations.
(c) Upon receipt of an order to escheat, the administrator may apply to the United States Treasury for payment to the state for the U.S. Savings Bonds.
Rule 141-045-0185 — Disposition of Unclaimed Property, Real Property and Personal Effects,