Lost, Unclaimed or Abandoned Property

ORS 98.382
Sale of abandoned and unclaimed property

  • methods
  • rules


(1)

(a) All unclaimed property other than money and securities delivered to the Department of State Lands under ORS 98.362 (Delivery of certificate of ownership of intangible equity ownership interest) shall be sold by the department to the highest bidder at public sale by the method and at the location that the department determines are the most favorable for receiving the highest price for the property involved. The department may decline the highest bid and reoffer the property for sale if the department considers the price bid insufficient. The department need not offer any property for sale if, in the department’s opinion, the probable cost of sale exceeds the value of the property.

(b)

In choosing the most favorable method for the sale of property under this subsection, the department may consider:

(A)

A public oral auction;

(B)

An electronic commerce forum; and

(C)

Any other method for sale that ensures the highest returns and provides for open, public participation.

(c)

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)

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.

(3)

Securities listed on an established stock exchange shall be sold on the exchange at prices prevailing on the exchange at the time of sale. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator considers advisable.

(4)

All securities and other intangible properties presumed abandoned under ORS 98.362 (Delivery of certificate of ownership of intangible equity ownership interest) and delivered to the department shall be sold by the department at such time and place and in such manner as in the department’s judgment will bring the highest return.

(5)

The department shall indemnify the holder of securities presumed abandoned under ORS 98.322 (Intangible equity ownership interests in business associations) to the extent allowed by the Oregon Constitution. The department shall establish procedures by administrative rule to pay the rightful owner proceeds received from securities that were sold before the owner filed a claim to recover such securities.

(6)

The purchaser at a sale conducted by the department pursuant to this section shall receive title to the property purchased, free from all claims of the owner or prior holder of the property and of all persons claiming through or under them. The department shall execute all documents necessary to complete the transfer of title. [1957 c.670 §19; 1983 c.716 §15; 1993 c.694 §13; 2003 c.272 §4]
Note: The amendments to 98.382 (Sale of abandoned and unclaimed property) by section 18, chapter 678, Oregon Laws 2019, become operative July 1, 2021. See section 85, chapter 678, Oregon Laws 2019. The text that is operative on and after July 1, 2021, is set forth for the user’s convenience.
98.382 (Sale of abandoned and unclaimed property). (1)(a) The State Treasurer shall sell all unclaimed property delivered to the State Treasurer under ORS 98.352 (Report of abandoned property), except money and securities, to the highest bidder at public sale by the method and at the location that the State Treasurer determines are the most favorable for receiving the highest price for the property involved. The State Treasurer may decline the highest bid and reoffer the property for sale if the State Treasurer considers the price bid insufficient. The State Treasurer need not offer any property for sale if, in the State Treasurer’s opinion, the probable cost of sale exceeds the value of the property.

(b)

In choosing the most favorable method for the sale of property under this subsection, the State Treasurer may consider:

(A)

A public oral auction;

(B)

An electronic commerce forum; and

(C)

Any other method for sale that ensures the highest returns and provides for open, public participation.

(c)

In choosing the most favorable location for the sale of property under this subsection, the State Treasurer 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)

For a sale by public oral auction held under subsection (1) of this section, the State Treasurer 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 State Treasurer shall publish at least a single notice in a newspaper of general circulation in Marion County.

(3)

Securities listed on an established stock exchange shall be sold on the exchange at prices prevailing on the exchange at the time of sale. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the State Treasurer considers advisable.

(4)

The State Treasurer shall sell all securities and other intangible properties presumed abandoned and received under ORS 98.362 (Delivery of certificate of ownership of intangible equity ownership interest) at such time and place and in such manner as the State Treasurer determines will bring the highest return.

(5)

The State Treasurer shall indemnify the holder of securities presumed abandoned under ORS 98.322 (Intangible equity ownership interests in business associations) to the extent allowed by the Oregon Constitution. The State Treasurer shall establish procedures by administrative rule to pay the rightful owner proceeds received from securities that were sold before the owner filed a claim to recover such securities.

(6)

The purchaser at a sale conducted by the State Treasurer pursuant to this section shall receive title to the property purchased, free from all claims of the owner or prior holder of the property and of all persons claiming through or under them. The State Treasurer shall execute all documents necessary to complete the transfer of title.

Atty. Gen. Opinions

Implied authority to sell abandoned stock through a broker, (1971) Vol 35, p 993

§§ 98.302 to 98.436

Atty. Gen. Opinions

Necessity of probate if abandoned property is claimed by heirs, (1972) Vol 35, p 1177


Source

Last accessed
Jun. 26, 2021