Idaho State Statutes - Idaho Attorney Directory

(1) The administrator, within
three (3) years after the receipt of abandoned property, shall sell it to the
highest bidder at public sale in whatever city affords in the judgment of the
administrator, the most favorable market for the property involved. The
administrator may decline the highest bid and reoffer the property for sale if
in the judgment of the administrator, the bid is insufficient. If in the
judgment of the administrator, the probable cost of sale exceeds the value of
the property, it need not be offered for sale. Any sale held under this
section must be preceded by a single publication of notice, at least three (3)
weeks in advance of sale, in a newspaper of general circulation in the county
in which the property is to be sold.
(2) Securities listed on an established stock exchange must be sold at
prices prevailing at the time of sale on the exchange. 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.
(3) A person making a claim under this chapter is entitled to receive
either the securities delivered to the administrator by the holder, if they
still remain in the hands of the administrator, or the proceeds received from
the sale, less any amounts deducted pursuant to section 14-523(2), Idaho Code,
but no person has any claim under this chapter 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
delivery by the holder to the administrator.
(4) The purchaser of property at any sale conducted by the administrator
pursuant to this chapter takes the property free of all claims of the owner or
previous holder thereof and of all persons claiming through or under them. The
administrator shall execute all documents necessary to complete the transfer
of ownership.

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