| | | 1. Publication. The administrator shall publish a notice | | no later than November 30th of the year next following the | year in which abandoned | | delivered to the administrator. The notice must be published | in a newspaper of general circulation | | available to residents in this State. The advertisement must | | be in a form that, in the judgment of the administrator, is | | likely to attract the attention of the apparent owner of the | | unclaimed property. The form must contain: |
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| | | A. The name of each person appearing to be the owner of | | the property, as set forth in the report filed by the | | holder; |
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| | | B. The last known address or location of each person | | appearing to be the owner of the property, if an address | | or location is set forth in the report filed by the | | holder; |
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| | | C. A statement explaining that property of the owner is | | presumed to be abandoned and has been taken into the | | protective custody of the administrator; and |
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| | | D. A statement that information about the property and | | its return to the owner is available to a person having a | | legal or beneficial interest in the property, upon request | | to the administrator. |
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| | | 2. Publication not required. The administrator is not | | required to advertise the name and address or location of an | | owner of property having a total value less than $50 or | | information concerning a traveler's check, money order or | | similar instrument. |
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| | | Sec. X-2. 33 MRSA §1963, sub-§§1 and 2, as enacted by PL 1997, c. 508, | | Pt. A, §2 and affected by §3, are amended to read: |
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| | | 1. Highest bidder. Except as otherwise provided in this | section, the administrator, within 3 years after the receipt | of abandoned property, shallit | | anytime 90 days or more after it has been advertised pursuant | | to section 1960.__The sale must be to the highest bidder at | public sale at a location in the State, | | medium available to citizens of the State that, in the | | judgment of the administrator, |
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| | | affords the most favorable market for the property. The | | administrator may decline the highest bid and reoffer the | | property for sale if the administrator considers the bid to be | | insufficient. The administrator need not offer the property | | for sale if the administrator considers that the probable cost | | of sale will exceed the proceeds of the sale. A sale held | | under this section must be preceded by a single publication of | | notice, at least 3 weeks before sale, in a newspaper of | | general |
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