ORS 98.382
Sale of abandoned and unclaimed property

  • methods
  • rules

(1)

Intentionally left blank —Ed.

(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. [1957 c.670 §19; 1983 c.716 §15; 1993 c.694 §13; 2003 c.272 §4; 2019 c.678 §18]

Source: Section 98.382 — Sale of abandoned and unclaimed property; methods; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors098.­html.

Attorney General Opinions

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

98.005
Rights and duties of finder of money or goods
98.015
Liability of noncomplying finder
98.025
Rights of owner
98.045
Applicability to unclaimed prepaid transportation cards
98.050
Finder’s reports
98.110
Record to be kept by consignee or bailee of property
98.120
Notice to owner of receipt of property by consignee or bailee
98.130
Right of custodian to sell property
98.140
Notice of sale
98.150
Affidavit by custodian when no response to notice
98.160
Inventory and order to sell
98.170
Sale
98.180
Delivery of proceeds to justice
98.190
Disposal of proceeds by justice
98.200
Procedure by county treasurer
98.210
Payment to person proving ownership
98.230
Sale of perishable property
98.240
Fees allowed to justice of peace and constable or sheriff
98.245
Disposition of unclaimed property
98.302
Definitions for ORS 98.302 to 98.436
98.304
Intangible property subject to custody of state
98.308
Intangible property held by financial institution
98.309
Traveler’s check or money order presumed abandoned
98.311
Service charge on unclaimed property
98.314
Unclaimed funds held by insurance companies
98.316
Deposits and refunds held by utilities
98.319
U.S. savings bonds presumed abandoned
98.322
Intangible equity ownership interests in business associations
98.326
Property of business associations or financial institutions held in the course of dissolution
98.328
Property held in safe deposit box
98.329
Delivery of property before presumed abandoned
98.332
Property held by fiduciaries
98.334
Unpaid wages unclaimed by owner
98.336
Property held by government and public authorities
98.338
Credit memo unclaimed by owner
98.342
Miscellaneous personal property held for another person
98.346
Reciprocity for property presumed abandoned or escheated under the laws of another state
98.348
Recovery of abandoned property by another state
98.352
Report of abandoned property
98.353
Information on filing report
98.354
Records of ownership or issuance of instruments to be maintained
98.356
Notice and publication of lists of unclaimed property
98.362
Delivery of certificate of ownership of intangible equity ownership interest
98.366
Relief from liability by payment or delivery
98.372
Income accruing after payment or delivery
98.376
Periods of limitation not a bar
98.379
Retention of abandoned military medals
98.382
Sale of abandoned and unclaimed property
98.384
Destruction or disposition of unclaimed property
98.386
Deposit of funds
98.389
Unclaimed Property and Estates Fund
98.392
Claiming unclaimed property
98.396
Determination of claim
98.402
Hearing on claim
98.412
Verified report
98.416
Proceeding to compel delivery of unclaimed property
98.422
Rules
98.424
Agreements with other states
98.432
Uniformity of interpretation
98.436
Short title
98.450
Unordered goods presumed gifts
98.470
Definitions for ORS 98.470 to 98.490
98.475
Molder may take title to unclaimed mold
98.480
Notice to customer
98.485
Duty to make mold unusable when title not taken
98.490
Effect of written agreement between molder and customer
98.515
Unauthorized appropriation of shopping carts
98.520
Notice of crime of unauthorized appropriation of shopping carts
98.640
Owner’s duty to remove trees, logs, poles or piling deposited on state highways
98.642
Effect of failure to remove trees, logs, poles or piling
98.644
ORS 98.640 and 98.642 inapplicable to certain trees, logs, poles or piling
98.650
Owner’s duty to remove trees, logs, poles or piling deposited on county roads
98.652
Effect of failure to remove trees, logs, poles or piling
98.654
ORS 98.650 and 98.652 inapplicable to certain trees, logs, poles or piling and to certain county roads
98.805
Definitions for ORS 98.810 to 98.818, 98.830 and 98.840
98.810
Unauthorized parking of vehicle on proscribed property prohibited
98.811
Notice of parking violation
98.812
Towing of unlawfully parked vehicle
98.818
Preference of lien
98.820
Towing vehicle from fuel dispensary premises
98.830
Towing abandoned vehicle from private property
98.840
Towing vehicle alternative to procedure in ORS 98.810 to 98.818
98.850
Legislative findings and declaration
98.852
Definitions for ORS 98.853 to 98.862
98.853
Conditions allowing towing
98.854
Prohibitions placed on tower
98.856
Tower responsibility of disclosure to owner or operator of vehicle
98.857
Recovery of stolen vehicle
98.858
Right of owner or person in lawful possession of vehicle to redeem or inspect vehicle, contact tower and obtain property of emergency nature
98.859
Maximum rates for towing
98.860
Conditions for release of vehicle to insurance company undertaking to adjust claim
98.861
Licenses for towing
98.862
Exceptions to requirements of ORS 98.856
98.991
Penalties relating to unclaimed property
98.992
Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436
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