SB370,103 Section 103 . Subchapter VII (title) of chapter 177 [precedes 177.0701] of the statutes is created to read:

SB370,49,8 CHAPTER 177

SB370,49,9 SUBCHAPTER VII

SB370,49,10 Sale of property by administrator

SB370,104 Section 104. 177.0701 of the statutes is created to read:

SB370,49,14 177.0701 Public sale of property. (1) Except as provided in ss. 177.0702 and 177.1504, the administrator shall sell abandoned property within 3 years after receiving the property.

SB370,49,17 (2) Before selling property under sub. (1), the administrator shall give notice to the public of the date of the sale and include with the notice a reasonable description of the property.

SB370,49,19 (3) Except as provided under sub. (4), a sale under sub. (1) shall be to the highest bidder by any of the following means:

SB370,49,21 (a) At a public sale at a location in this state that the administrator determines to be the most favorable market for the property.

SB370,49,22 (b) On the Internet.

SB370,49,24 (c) On another forum that the administrator determines is likely to yield the highest net proceeds.

SB370,50,3 (4) The administrator may decline the highest bid at a sale under this section and re-offer the property for sale if the administrator determines the highest bid is insufficient.

SB370,50,7 (5) If a sale held under this section is to be conducted other than on the Internet, the administrator shall publish at least one notice of the sale, at least 3 weeks, but not more than 5 weeks before the sale, in a newspaper of general circulation in the county in which the property is sold.

SB370,105 Section 105. 177.0702 of the statutes is created to read:

SB370,50,11 177.0702 Disposal of securities. (1) Unless the administrator determines that it is in the best interest of this state to do otherwise, the administrator shall hold all securities for at least one year before selling them.

SB370,50,15 (2) The administrator may not sell a security listed on an established stock exchange for less than the price prevailing on the exchange at the time of sale. The administrator may sell a security not listed on an established exchange by any commercially-reasonable method.

SB370,106 Section 106. 177.0703 of the statutes is created to read:

SB370,50,21 177.0703 Purchaser owns property after sale. A purchaser of property at a sale conducted by the administrator under this chapter takes the property free of all claims of the owner, a previous holder, a creditor, or a person claiming an interest through the owner or holder. The administrator shall execute documents necessary to complete the transfer of ownership to the purchaser.

SB370,107 Section 107. 177.0704 of the statutes is created to read:

SB370,50,24 177.0704 Military medal or decoration. (1) The administrator may not sell a medal or decoration awarded for service in the U.S. armed forces.

SB370,51,3 (2) The administrator may deliver a medal or decoration as described under sub. (1) to any of the following entities, with the entity's consent, to hold in custody for the owner:

SB370,51,4 (a) An entity organized under section 501 (c) (19) of the Internal Revenue Code.

SB370,51,5 (b) The agency that awarded the medal or decoration.

SB370,51,6 (c) A governmental entity.

SB370,51,8 (3) The administrator is not responsible for the safekeeping of a medal or decoration after it is delivered to an entity under sub. (2).

SB370,108 Section 108. 177.075 of the statutes is repealed.

SB370,109 Section 109. 177.08 of the statutes is repealed.

SB370,110 Section 110 . Subchapter VIII (title) of chapter 177 [precedes 177.0801] of the statutes is created to read:

SB370,51,13 CHAPTER 177