TITLE 14

ESTATES OF DECEDENTS

CHAPTER 5

REVISED UNCLAIMED PROPERTY ACT

PART 7

SALE OF PROPERTY BY ADMINISTRATOR

14-5-701.  PUBLIC SALE OF PROPERTY. (1) Subject to the provisions of section 14-5-702, Idaho Code, the administrator may sell property presumed abandoned.

(2)  Before selling property under subsection (1) of this section, the administrator shall give notice to the public of:

(a)  The date of the sale; and

(b)  A reasonable description of the property.

(3)  A sale made under subsection (1) of this section must be to the highest bidder:

(a)  At public sale at a location in this state that the administrator determines to be the most favorable market for the property;

(b)  On the internet; or

(c)  On another forum the administrator determines is likely to yield the highest net proceeds of sale.

(4)  The administrator may decline the highest bid at a sale held under this section and reoffer the property for sale if the administrator determines the highest bid is insufficient.

(5)  The administrator shall publish at least one (1) notice in the official newspaper of each Idaho county at least three (3) weeks but no more than five (5) weeks in advance of any sale held pursuant to this section.

(6)  Property disposed of by the administrator under this section shall not be subject to the provisions of section 67-2024A, 67-5722, or 67-5732A, Idaho Code.

History:

[14-5-701, added 2024, ch. 27, sec. 2, p. 203.]