Montana Code 72-14-205. Unsold intangible personal property — how disposed of — auction sale
72-14-205. Unsold intangible personal property — how disposed of — auction sale. (1) If the intangible personal property in an escheated estate was not sold by the personal representative at the final settlement of the estate, then the personal representative shall deliver all of the property to the department of revenue with a statement setting forth the name of the estate to which it belongs. The department shall, within 1 year of the receipt of the property, sell the property to the highest bidder at a public auction sale at the department’s office in Helena, Montana.
Terms Used In Montana Code 72-14-205
- Personal property: All property that is not real property.
- Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
- Property: means real and personal property. See Montana Code 1-1-205
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The department shall give notice of the sale by publication in a Helena newspaper once a week for 2 successive weeks. The last publication must be at least 20 days prior to the date of the sale. The notice must give the time and place of the sale and must contain a list and description of the stocks, bonds, securities, or other intangible personal property to be sold.
(3)All of the expenses of the sale must be deducted from the proceeds of the sale by the department, and the balance of the proceeds must be delivered by the department to the state treasurer for deposit in the private purpose trust fund.