AB752,47,4 2177.0701 Public sale of property. (1) Except as provided in ss. 177.0702 and
3177.1504, the administrator shall sell abandoned property within 3 years after
4receiving the property.

AB752,47,7 5(2) Before selling property under sub. (1), the administrator shall give notice
6to the public of the date of the sale and include with the notice a reasonable
7description of the property.

AB752,47,9 8(3) Except as provided under sub. (4), a sale under sub. (1) shall be to the
9highest bidder by any of the following means:

AB752,47,1110 (a) At a public sale at a location in this state that the administrator determines
11to be the most favorable market for the property.

AB752,47,1212 (b) On the Internet.

AB752,47,1413 (c) On another forum that the administrator determines is likely to yield the
14highest net proceeds.

AB752,47,17 15(4) The administrator may decline the highest bid at a sale under this section
16and re-offer the property for sale if the administrator determines the highest bid is
17insufficient.

AB752,47,21 18(5) If a sale held under this section is to be conducted other than on the Internet,
19the administrator shall publish at least one notice of the sale, at least 3 weeks, but
20not more than 5 weeks before the sale, in a newspaper of general circulation in the
21county in which the property is sold.

AB752,47,25 23177.0702 Disposal of securities. (1) Unless the administrator determines
24that it is in the best interest of this state to do otherwise, the administrator shall hold
25all securities for at least one year before selling them.

AB752,48,4

1(2) The administrator may not sell a security listed on an established stock
2exchange for less than the price prevailing on the exchange at the time of sale. The
3administrator may sell a security not listed on an established exchange by any
4commercially-reasonable method.

AB752,48,10 6177.0703 Purchaser owns property after sale. A purchaser of property at
7a sale conducted by the administrator under this chapter takes the property free of
8all claims of the owner, a previous holder, a creditor, or a person claiming an interest
9through the owner or holder. The administrator shall execute documents necessary
10to complete the transfer of ownership to the purchaser.

AB752,48,13 12177.0704 Military medal or decoration. (1) The administrator may not sell
13a medal or decoration awarded for service in the U.S. armed forces.

AB752,48,16 14(2) The administrator may deliver a medal or decoration as described under
15sub. (1) to any of the following entities, with the entity's consent, to hold in custody
16for the owner:

AB752,48,1717(a) An entity organized under section 501 (c) (19) of the Internal Revenue Code.

AB752,48,1818 (b) The agency that awarded the medal or decoration.

AB752,48,1919 (c) A governmental entity.

AB752,48,21 20(3) The administrator is not responsible for the safekeeping of a medal or
21decoration after it is delivered to an entity under sub. (2).

AB752,106 24Section 106 . Subchapter VIII (title) of chapter 177 [precedes 177.0801] of the
25statutes is created to read: