Connecticut General Statutes
Chapter 32 - Treasurer
Section 3-68a. - Sale of property by Treasurer.

(a) All unclaimed property, other than money, delivered to the Treasurer under this part shall, at his discretion, be sold by him to the highest bidder at public sale in whatever locality of the state in his judgment affords the most favorable market. The Treasurer may decline the highest bid at any such sale and reoffer the property at a later sale if he considers the bid insufficient. He may dispose of any such property by private sale if, in his opinion, the probable cost of public sale will exceed the value of the property. The provisions of this subsection shall not apply to securities for which there is an established market and the Treasurer shall sell such securities in the manner customary in that market.

(b) Any ownership interest in a business association for which there is no established market shall be sold at not less than its fair value. The business association shall have the first right to purchase such interest. Such business association may require the Treasurer to appoint not more than three independent appraisers to determine the fair value of such interest. The cost of such appraisal shall be borne by the business association requesting the same. The Treasurer shall not be obligated to appoint the appraisers unless such business association requesting the appraisal deposits with the Treasurer an amount equivalent to the cost of the appraisal as estimated by the Treasurer. After transfer to the Treasurer in accordance with the provisions of this section and sections 3-59c, 3-59d, 3-67a and 3-73a, the ownership interest so transferred shall remain subject to all limitations on transfer however imposed. Nothing herein shall alter or affect any other provisions limiting the purchase by a business association of its own ownership interests.
(c) Each sale held under this section other than a sale of a security in an established market shall be upon notice published once, at least two weeks in advance of the sale, in a newspaper of general circulation in the town at which the property is to be sold.
(d) Purchasers at such sales shall receive title to the property purchased, free from all claims of owners or prior holders and of all persons claiming through or under them. The Treasurer shall execute all documents necessary to complete transfer of title. The Treasurer may proceed with the liquidation of property upon receipt. A person making a claim under this part is entitled to receive either the securities delivered to the Treasurer by the holder, if they still remain in the possession of the Treasurer, or the proceeds received from sale, but no person has any claim under this part 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 the delivery by the holder to the Treasurer. The Treasurer may liquidate all unclaimed securities currently held in custody in accordance with the provisions of this section.
(1961, P.A. 540, S. 13; 1967, P.A. 179; 1971, P.A. 831, S. 5; P.A. 84-456, S. 9, 12; P.A. 04-216, S. 53.)
History: 1967 act deleted requirement that unclaimed property be sold within a year, leaving sale at treasurer's discretion; 1971 act exempted securities with established market from provisions of Subsec. (a), created new Subsec. (b) governing sale of ownership interest in business association, made former Subsec. (b) new Subsec. (c), exempting securities with established markets from notice requirement and labeled former Subsec. (c) as Subsec. (d); P.A. 84-456 amended Subsec. (d) by adding provisions concerning the minimum period of time that must elapse between the date of delivery of property to the treasurer and liquidation of such property by the treasurer; P.A. 04-216 amended Subsec. (d) to eliminate time period for liquidation of property by the Treasurer, to allow the Treasurer to liquidate such property upon receipt and to allow liquidation of all property currently in custody, effective May 6, 2004.

Structure Connecticut General Statutes

Connecticut General Statutes

Title 3 - State Elective Officers

Chapter 32 - Treasurer

Section 3-11. - Salary and bond of Treasurer. Office of Treasurer full time.

Section 3-11a. - Authority to enter into contractual agreements.

Section 3-12. - Deputy Treasurer.

Section 3-12a. - Appointment of officers and investment-related personnel.

Section 3-13. - Assistant treasurer for debt management. Additional assistant treasurer.

Section 3-13a. - Investment department. Chief investment officer, deputy chief investment officer, principal investment officers and other personnel. Investment counsel. Costs of department.

Section 3-13b. - Investment Advisory Council established. Duties and powers. State Treasurer's investment policy statement.

Section 3-13c. - Trust funds defined.

Section 3-13d. - Trust funds: Investment, restrictions, sale of call options. Consideration of political implications of particular investments in relation to U.S. foreign policy and national interests. Connecticut mortgage pass-through certificates....

Section 3-13e. - Investment of trust funds in loans to mortgage lenders.

Section 3-13f. - State investment policy in relation to corporations doing business in South Africa.

Section 3-13g. - Divestment of state funds invested in companies doing business in Iran.

Section 3-13h. - Investments in companies doing business in Northern Ireland which have not implemented the MacBride principles.

Section 3-13i. - Contracts for services related to investment of trust funds.

Section 3-13j. - Third party fees in investments by Treasurer or quasi-public agencies.

Section 3-13k. - Direction of third party fees by Treasurer prohibited. Personal use by Treasurer of broker's credits prohibited.

Section 3-13l. - Finder's fees in connection with state investments prohibited. Definitions. Penalties.

Section 3-14. - Management and sales of state property.

Section 3-14a. - Treasurer to administer trusts for counties.

Section 3-14b. - Option of municipality to purchase state-owned land prior to sale. Waiver of rights. Exceptions.

Section 3-15. - Sites for beacon lights and other buildings.

Section 3-16. - Temporary borrowing. Approval by Governor. Notice to committees of General Assembly.

Section 3-17. - Collection of state revenue. Issuance of bonds.

Section 3-17a. - Payments to the state from certain financing litigation settlements.

Section 3-18. - Use of facsimile of state seal on bonds.

Section 3-19. - Place of payment of state bonds.

Section 3-20. - Short title: State General Obligation Bond Procedure Act. State Bond Commission.

Section 3-20a. - Redemption or repurchase of bonds. Additional security.

Section 3-20b. - Trusteeships.

Section 3-20c. - Certain appropriations not to lapse.

Section 3-20d. - Requirements for issuance of tax-exempt obligations by agents of state government.

Section 3-20e. - Provision of secondary market disclosure information by political subdivisions of the state, municipalities and quasi-public agencies. Indemnification.

Section 3-20f. - State Bond Commission vote to authorize issuance of agricultural land preservation program bonds and bonds for general maintenance and trade and capital equipment for technical education and career schools.

Section 3-20g. - Economic recovery notes to finance deficit in fiscal year 2009.

Section 3-20h. - Bond authorization for accumulated deficit as determined using generally accepted accounting principles.

Section 3-20i. - Disposition of bond proceeds.

Section 3-20j. - Credit revenue bonds.

Section 3-21. - Bond limitation. Debt certification. Bond issuance limitation. Allotment limitation.

Section 3-21a. - Jurisdiction of Superior Court in actions re bonds and notes. Defenses reserved to the state.

Section 3-21aa. - General obligation bonds for transportation projects. Authorization of special tax obligation bonds or general obligation bonds deemed to authorize issuance as either special tax obligation bonds or general obligation bonds.

Section 3-21b. - Transfer to General Fund of bond proceeds from general obligation bonds of the state which are no longer required for designated purposes or projects. Report by Office of Policy and Management.

Section 3-21c. - Transfer of unexpended proceeds from transportation related general obligation bonds that are no longer required for designated purposes or projects.

Section 3-21d. - Report re public works construction projects receiving funding from bond proceeds. Unexpended amount.

Section 3-21e. - Divestment of state funds invested in companies doing business in Sudan.

Section 3-22. - Bond Retirement Fund.

Section 3-22a. - Definitions: College savings bonds.

Section 3-22b. - Designation of bonds as college savings bonds.

Section 3-22c. - Negotiated sales of college savings bonds.

Section 3-22d. - Terms of issuance of college savings bonds.

Section 3-22e. - Connecticut Higher Education Trust Advisory Committee.

Section 3-22f. - Connecticut Higher Education Trust: Definitions.

Section 3-22g. - Connecticut Higher Education Trust: Established.

Section 3-22h. - Trust authority of the Treasurer.

Section 3-22i. - Investment of funds in the trust.

Section 3-22j. - Participation in and the offering and solicitation of the trust exempt from sections 36b-16 and 36b-22. Evidence of exemption from federal securities laws.

Section 3-22k. - Trust financial report.

Section 3-22l. - Exemption from taxation.

Section 3-22m. - State pledge for purposes of the trust.

Section 3-22n. - Nothing in trust or in any participation agreement deemed to guarantee admission to or continued enrollment in educational institution.

Section 3-22o. - Compliance with provisions necessary for trust to constitute state tuition program and be tax exempt.

Section 3-22p. - Investments in trust not considered an asset for certain programs and purposes.

Section 3-22u. - CHET Baby Scholars fund and program.

Section 3-23. - Destruction of matured bonds.

Section 3-23a. - Replacement of mutilated, destroyed, stolen or lost state obligations.

Section 3-24. - Deposit of funds.

Section 3-24a. - Tax-Exempt Proceeds Fund created.

Section 3-24b. - Deposit of money in Tax-Exempt Proceeds Fund.

Section 3-24c. - Investment in Tax-Exempt Proceeds Fund by other state funds.

Section 3-24d. - Sale of investments in Tax-Exempt Proceeds Fund to other state instrumentalities.

Section 3-24e. - Investment of Tax-Exempt Proceeds Fund by the Treasurer.

Section 3-24f. - Purchase of investments in Tax-Exempt Proceeds Fund by other state instrumentalities.

Section 3-24g. - Borrowing for purposes of the Tax-Exempt Proceeds Fund. Issuance of notes.

Section 3-24h. - Borrowing from the Tax-Exempt Proceeds Fund for state capital projects.

Section 3-24i. - Notice to joint standing committee on finance, revenue and bonding of opening of bank accounts in certain other states.

Section 3-24j. - Definitions.

Section 3-24k. - Investments with community banks and community credit unions.

Section 3-24l. - Regulations.

Section 3-25. - Payment of public moneys. Designation of authority for certain payments to constituent units of the state system of higher education. Authorization for certain payments to be made by the assistant treasurer for investments.

Section 3-26. - Civil list funds; limitation.

Section 3-27. - Investment committee.

Section 3-27a. - Short Term Investment Fund. Payment of certain interest to board or boards of trustees. Participation certificates.

Section 3-27b. - Sale of certificates to state agencies.

Section 3-27c. - Use of fund for student loans.

Section 3-27d. - Investment of funds of the Short Term Investment Fund.

Section 3-27e. - Report of grants, interest, etc. Payment of expenses and state banking service fees.

Section 3-27f. - Investment by Treasurer in participation certificates. Legal investments.

Section 3-27g. - Bond issue.

Section 3-27h. - Notes.

Section 3-27i. - Bonds and notes as legal investments.

Section 3-27j. - Modification or suspension of contributions to the Short Term Investment Fund surplus reserve.

Section 3-28. - Investment of sinking fund.

Section 3-28a. - Medium-Term Investment Fund.

Section 3-29 to 3-31. - Investment of surplus of General Fund. Investment of cash balance of Transportation Fund. Investment of excess cash in General Fund.

Section 3-31a. - Authorized investments.

Section 3-31b. - Combined investment funds. Sale of participation units. Costs charged to income.

Section 3-32. - Acceptance of gifts and bequests by Treasurer.

Section 3-33. - Acceptance of land for military purposes.

Section 3-34. - Vote on stock of state bank owned by state or School Fund.

Section 3-35. - No execution against Treasurer.

Section 3-36. - Repayment of Town Deposit Fund.

Section 3-36a. - Connecticut Baby Bond Trust: Definitions.

Section 3-36b. - Connecticut Baby Bond Trust: Established.

Section 3-36c. - Treasurer's trust authority.

Section 3-36d. - Investment of funds in the trust.

Section 3-36e. - Exemption from taxation.

Section 3-36f. - Moneys invested in trust not considered assets or income.

Section 3-36g. - Accounting for designated beneficiary. Claim for accounting.

Section 3-36h. - Transfer to trust upon birth of designated beneficiary.

Section 3-36i. - Bond issue.

Section 3-37. - Annual report of Treasurer. Monthly report of Treasurer.

Section 3-38. - Posthumous fund of Fitch's Home for the Soldiers. Fitch Fund. Use of income, and payment of claims from principal.

Section 3-39. - Flood Fund.

Section 3-39a. - Funds to be paid state recorded as receivables.

Section 3-39b. - Interest earnings on funds.

Section 3-39c. - Interest earnings credited to certain funds and accounts.

Section 3-39j. - Achieving a better life experience program: Definitions.

Section 3-39k. - Achieving a better life experience program: Establishment. Trust. Report.

Section 3-39l. - Trust authority of the State Treasurer.

Section 3-39m. - Investment of funds in the trust.

Section 3-39n. - Exemption from certain securities laws.

Section 3-39o. - Exemption from taxation.

Section 3-39p. - State pledge for purposes of the trust.

Section 3-39q. - Compliance with requirements for trust to constitute a qualified ABLE program.

Section 3-39r. - ABLE account investments, contributions and distributions disregarded for certain programs and purposes.

Section 3-40. - Treasurer to have care and management.

Section 3-41. - School Fund interest.

Section 3-42. - Rate of interest on loans from the School Fund and Agricultural College Fund.

Section 3-43. - Loan expenses. Foreclosure costs.

Section 3-44. - Interest on overdue loans.

Section 3-45. - Loans and appraisals.

Section 3-46. - Reappraisal of securities.

Section 3-47. - Sale of real estate.

Section 3-48. - National bank stock; Treasurer attorney for state.

Section 3-49. - Debtor accounts.

Section 3-50. - Agents to give certified copies of bonds.

Section 3-51. - Annual schedule of assets.

Section 3-52. - Moneys paid on account.

Section 3-53. - Exhibition of claims against estates.

Section 3-54. - Mortgagor's affidavit of title.

Section 3-55. - Waste on mortgaged premises.

Section 3-55i. - Mashantucket Pequot and Mohegan Fund.

Section 3-55j. - Payments from fund.

Section 3-55k. - Municipality defined.

Section 3-55l. - Additional payments from fund to Ledyard, Montville, Norwich, North Stonington and Preston.

Section 3-56. - Definitions.

Section 3-56a. - Definitions.

Section 3-57. - Escheat of property unclaimed or unused for seven years.

Section 3-57a. - Property held by banking or financial organization presumed abandoned, when.

Section 3-58. - Sale of escheated property.

Section 3-58a. - Funds held by insurance company presumed abandoned, when.

Section 3-59. - Petition in case of interest in escheated property. Appeal.

Section 3-59a. - Property held by a business association or payable in the course of demutualization of an insurance company presumed abandoned, when.

Section 3-59b. - Ownership interest in business association presumed abandoned, when.

Section 3-59c. - Duties of holder of abandoned interests in business associations.

Section 3-59d. - Delivery of duplicate certificate to Treasurer. Holder relieved of liability to others upon such delivery.

Section 3-60. - Examination of witnesses.

Section 3-60a. - Property distributable on dissolution of business presumed abandoned, when. Notice to shareholder of corporate dissolution or liquidation.

Section 3-60b. - Wages, salary or other compensation for personal services presumed abandoned, when.

Section 3-60c. - Deposit, refund or other sum owed by utility presumed abandoned, when.

Section 3-60d. - Value of gift certificate presumed abandoned, when.

Section 3-61. - Action against custodian of property.

Section 3-61a. - Property held by fiduciary presumed abandoned, when.

Section 3-62. - Application of provisions.

Section 3-62a. - Property held by public body or officer presumed abandoned, when.

Section 3-62b. - Property held by federal court or agency presumed abandoned, when.

Section 3-62c. - Proceedings to recover property.

Section 3-62d. - Action to obtain decree of escheat.

Section 3-62e. - Treasurer to pay costs and deposit funds into General Fund.

Section 3-62f. - Claim for return of escheated property.

Section 3-62g. - Liability of state.

Section 3-62h. - Special Abandoned Property Fund. Deposit of abandoned property receipts. Special obligation bond authorization. Disbursement of resources of fund.

Section 3-63. - Notice of inactive bank accounts. Index. Interest. Escheat.

Section 3-63a. - Property in decedent's estate presumed abandoned, when.

Section 3-64. - Escheating of trust funds held by the Treasurer.

Section 3-64a. - Property presumed abandoned generally.

Section 3-65. - Conversion of escheated property into cash.

Section 3-65a. - Duties of holder of abandoned property.

Section 3-65b. - Assessment of interest penalty for failure to report or deliver abandoned property as required. Exceptions.

Section 3-65c. - Charge, fee or penalty for inactivity prohibited.

Section 3-66. - Escheat of unclaimed life insurance company funds. Definitions.

Section 3-66a. - Maintenance of searchable list and provision of notice by Treasurer.

Section 3-66b. - Unclaimed intangible property. Conditions raising presumption of abandonment.

Section 3-66c. - Recovery of funds or property.

Section 3-67. - When funds escheat.

Section 3-67a. - State responsibility for property. Reimbursement of prior holder for payment to holder. Reimbursement of holder compelled to register transfer of original certificate.

Section 3-68. - Report of unclaimed funds.

Section 3-68a. - Sale of property by Treasurer.

Section 3-69. - Notice.

Section 3-69a. - Deposit of funds in General Fund and Citizens' Election Fund.

Section 3-70. - Payment to Treasurer.

Section 3-70a. - Claims for abandoned property.

Section 3-71. - State to assume custody and liability.

Section 3-71a. - Appeals.

Section 3-72, 3-72a and 3-73. - Funds to be paid to General Fund and special trust fund. Escheat proceedings. Claim; appeal; bond.

Section 3-73a. - Excepted property.

Section 3-73b. - Effect of expiration of limitation period or period specified in contract.

Section 3-74. - Payment of claim.

Section 3-74a. - Regulations. Agreements and enforcement with other states.

Section 3-76a. - Short title: Municipal Bond Refunding Trust Act.

Section 3-76b. - Statement of purpose and policy.

Section 3-76c. - Definitions.

Section 3-76d. - Issuance of state special obligation bonds authorized to finance purchase of municipal refunding bonds; bond determination requisites.

Section 3-76e. - Effect of filing of bond determination. Limits on Treasurer's contracts.

Section 3-76f. - Terms of special obligation bonds determined by State Treasurer.

Section 3-76g. - Optional provisions to secure payment of special obligation bonds.

Section 3-76h. - Additional powers of State Treasurer.

Section 3-76i. - Form of special obligation bonds.

Section 3-76j. - Special obligation bonds not general obligations of the state.

Section 3-76k. - Special obligation bonds as legal investments: Tax exemptions.

Section 3-76l. - Municipal Refunded Bond Escrow Fund. State Treasurer's contracts re municipal accounts in fund.

Section 3-76m. - Municipal Refunding Trust Fund. Required reserve. General Fund appropriations.

Section 3-76n. - Validity of pledges.

Section 3-76o. - State pledges to holders of special obligation bonds.

Section 3-76p. - Principal amounts of special obligation bonds not part of state indebtedness.

Section 3-76q. - Default by state, remedies of municipalities, holders.

Section 3-76r. - Municipal refunding bonds. Requisites. Proceeds. Excluded from aggregate municipal indebtedness. Presumption re authorization.

Section 3-76s. - Defaults in principal or interest payments on municipal refunding bonds; remedies.

Section 3-76t. - Transfer of interest subsidy under section 10-292m.