Missouri Revised Statutes













Chapter 447

Lost and Unclaimed Property

←447.549

Section 447.558.1

447.559→

August 28, 2015

Sale of property, when--publication of notice--purchaser's title--proceeds, deposit.

447.558. 1. All abandoned property delivered to the treasurer pursuant

to sections 447.500 to 447.595 shall, within two years after the delivery, be

sold by the treasurer to the highest bidder at public sale in whatever manner

affords in the treasurer's judgment the most favorable market for the

property involved. The treasurer may decline the highest bid and reoffer the

property for sale if the treasurer considers the price bid insufficient. The

treasurer need not offer any property for sale if, in the treasurer's

opinion, the probable cost of sale exceeds the value of the property.



2. Any sale held pursuant to this section, except for the sale of

marketable securities, shall be preceded by a single publication of notice

thereof, at least three weeks in advance of sale, in a newspaper qualified to

publish public notices as provided in chapter 493, published in the county,

or if no such qualified paper is published in the county, then in a county

adjacent to such county, and in the city, town, or village where the property

is to be sold if the property is to be sold there.



3. The purchaser at any sale conducted by the treasurer pursuant to

sections 447.500 to 447.595 shall receive title to the property purchased,

free from all claims of the owner or prior holder thereof and of all persons

claiming through or under them. The treasurer shall execute all documents

necessary to complete the transfer of title.



4. The proceeds from the sale of abandoned property pursuant to this

section shall forthwith be deposited in the abandoned funds account.



(L. 1984 H.B. 1088 § 16, A.L. 1986 H.B. 1547, A.L. 1993 H.B. 566,

A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)







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