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 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. If the property is of a type customarily sold on a recognized market or of a type that may be sold over the counter at prevailing prices, the commissioner may sell the property without notice by publication or otherwise. The commissioner may proceed with the liquidation after holding for one year, with the exception of securities being held as the result of an insurance company demutualization, these types of securities may be sold upon receipt. This section grants to the commissioner express authority to sell any property, including, but not limited to, stocks, bonds, notes, bills, and all other public or private securities. A person making a claim under section 345.35 is entitled to receive the securities delivered to the administrator by the holder, if they remain in the custody of the administrator, or the net proceeds received from sale, and is not entitled to receive any appreciation in the value of the property occurring after sale by the commissioner. The commissioner may liquidate all unclaimed securities currently held in custody in accordance with this section.
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.
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; 1Sp2005 c 1 art 4 s 95,96
Structure Minnesota Statutes
Chapters 343 - 348 — Animals And Property
Chapter 345 — Unclaimed Property
Section 345.01 — Duty Of Consignee Or Bailee.
Section 345.02 — Unclaimed Property May Be Sold Upon Notice; Summary Sale.
Section 345.03 — Proceedings If Property Not Claimed.
Section 345.04 — Inventory; Order Of Sale.
Section 345.05 — Notice And Return Of Sale.
Section 345.06 — Disposition Of Proceeds.
Section 345.07 — Money Deposited, How Disposed Of.
Section 345.09 — Unclaimed Baggage; Delivery To Warehouse Operator.
Section 345.10 — Storage Liens.
Section 345.11 — Sale; Notice.
Section 345.12 — Sale; Proceeds.
Section 345.13 — Warehouse Operator's Bond.
Section 345.14 — Fees Of Court Administrators.
Section 345.15 — Counties, Unclaimed Property; Disposition; Duty Of Sheriff.
Section 345.16 — State; Unclaimed Property; Disposition; Duty Of State Patrol.
Section 345.20 — Dies, Molds; Ownership.
Section 345.25 — Bonds Issued By Religious Organizations.
Section 345.31 — Definitions And Use Of Terms.
Section 345.32 — Property Held By Banking Or Financial Organizations Or By Business Associations.
Section 345.321 — Dormancy Charge For Money Orders.
Section 345.33 — Unclaimed Funds Held By Life Insurance Corporations.
Section 345.34 — Deposits Held By Utilities.
Section 345.35 — Stock And Other Intangible Interests In Business Associations.
Section 345.37 — Property Held By Fiduciaries.
Section 345.38 — Property Held By State Courts And Public Officers And Agencies.
Section 345.381 — Property Held By Minnesota Public Pension Fund.
Section 345.39 — Miscellaneous Personal Property Held For Another Person.
Section 345.41 — Report Of Abandoned Property.
Section 345.42 — Notice And Publication Of Lists Of Abandoned Property.
Section 345.43 — Payment Or Delivery Of Abandoned Property.
Section 345.44 — Relief From Liability By Payment Or Delivery.
Section 345.451 — Crediting Income Or Gain To Owner's Account.
Section 345.46 — Period Of Limitation.
Section 345.47 — Sale Of Abandoned Property.
Section 345.48 — Deposit Of Funds.
Section 345.485 — Recovery Of Property By Others.
Section 345.49 — Claim For Abandoned Property Paid Or Delivered.
Section 345.50 — Determination Of Claims.
Section 345.51 — Judicial Action Upon Determinations.
Section 345.515 — Agreements To Locate Reported Property.
Section 345.52 — Election To Take Payment Or Delivery.
Section 345.525 — Property Having No Apparent Commercial Or Historical Value.
Section 345.53 — Examination Of Records.
Section 345.54 — Proceeding To Compel Delivery Of Abandoned Property.
Section 345.57 — Effect Of Laws Of Other States.
Section 345.59 — Uniformity Of Interpretation.
Section 345.70 — Minnesota Museum Property Act; Definitions.
Section 345.71 — Loans Of Property To A Museum Or Archives Repository.
Section 345.72 — Acquiring Title To Abandoned Property.
Section 345.73 — Acquiring Title To Undocumented Property.